PHOENIX, AZ – Marcus & Millichap (NYSE: MMI), announced the sale of the Greater PHX IV Portfolio, a four-property, 748-unit, real-estate-owned portfolio located in Phoenix and Mesa, Arizona to Western Wealth Capital LTD, a Vancouver, Canada-based multiple-unit rental property investment firm. The aggregate sales price for the portfolio is $41.5 million ($55,481 per unit).

“This portfolio has great geographic diversification throughout metropolitan Phoenix and tremendous operational scale,” says Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix. “These aspects, combined with the opportunity to enhance a significant portion of the unit interiors at each asset, will enable Western Wealth Capital to advance revenue while leveraging the exterior and common area improvements completed by the seller during their ownership tenure.”

David, and Steve Gebing, a senior director of the firm’s Institutional Property Advisors (IPA) division, represented the seller and procured the buyer.

With the Greater PHX IV Portfolio, Western Wealth Capital now owns 21 multifamily properties and 3,487-units in the Phoenix area.

“Western Wealth Capital believes Phoenix is a strong real estate market with indications it will continue to remain healthy. With improved employment opportunities, affordable housing is a priority for tenants,” said Janet LePage, a founder of Western Wealth Capital. “We are bullish on the Valley and continue to seek more multifamily acquisitions.”

The properties are:

• Sandal Ridge, 645 N. Country Club Drive, 196 units developed in 1979 on the periphery of downtown Mesa
• Penny Lane, 544 E. Southern Ave., developed in Mesa in 1985 featuring 136 units, each equipped with full-size washer and dryer connections
• Las Vistas at Papago Park, 1010 N. 48^th, a 200-unit community built in 1982 and situated in the Camelback East Village of Phoenix
• Desert Wind, 4141 W. McDowell Road, a 216-apartment community in West Phoenix developed in two phases in 1987 and featuring second-story vaulted ceilings and controlled-access, gated entry

Western Wealth Capital’s purchase of the Greater PHX IV Portfolio follows two other multifamily transactions within the past five weeks. Earlier in May, Western Wealth Capital purchased 300-units at Signature Place Condominiums in Tempe for $40 million. In April, Western Wealth Capital spent $27.25 million for the 397-unit Valencia Crossing in Mesa.

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, announced the sale of The Reserve at Arrowhead, a premier 472-unit multifamily asset in Phoenix. The $64.5 million sales price equates to more than $136,000 per unit.

“Developed in two phases between 1998 and 1999 by Mark-Taylor Inc., Reserve at Arrowhead’s positioning within the submarket’s competitive landscape makes it a prime candidate for common area amenity upgrades and interior renovations,” says IPA senior director Steve Gebing. “The condition of the physical asset and community grounds is immaculate, yet there is room for value enhancement through the implementation of a strategic renovation program.”

Gebing and Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group, represented the seller, an institutional investment management firm and procured the buyer, Weidner Apartment Homes.

The property is within walking distance of Arrowhead Towne Center, a 1.2 million-square-foot super-regional mall. There are many employers within proximity, including a heavy concentration in the health-science field, such as 35-acre St. Joseph’s Westgate Medical Center. Also nearby are Luke Air Force Base, AAA, the City of Glendale, Honeywell, Humana Healthcare, Midwestern University, Conair Corp. and the Thunderbird School of Global Management.

Highlighting The Reserve at Arrowhead’s many community amenities are two resort-inspired lagoon-style swimming pools enhanced with waterfalls and spas. Apartment homes feature fully equipped gourmet kitchens with pantries and full-size washers and dryers.

The Catalina Vista Apartments at 8550 East Old Spanish Trail in Tucson sold for $1.55 million ($31,000 per unit). This was the first investment in Tucson for Greenlite Holdings LLC of Phoenix (Jonathan Lewis, manager).

The 50-unit complex has (14) 1-bedrooms approximately 643 square-feet each, (24) 2-bedrooms approximately 918 square-feet each, (12) 3-bedrooms approximately 1,137 square-feet each in 45,689-square-feet in five buildings, built 1971, on 1.48 acres. The property is located west of Camino Seco on Old Spanish Trail in the Eastern Tucson submarket.

Property was 95% occupied at time of sale. Amenities include: community pool, on-site laundry facility and all utilities paid by owner.  Each unit features dishwasher, plenty of closet space, large kitchens and dining area. Courtyard offers picnic areas w/BBQ grills and is pet-friendly.

The seller was Tucson-based OST Holdings LLC (Bernard Berk, member).

The Marcus & Millichap in Phoenix team of Hamid Panahi, Steve Gebing, Cliff David and James Crawley represented seller and investor in the transaction.

For more information, Panahi, Gebing, David and Crawley should be reached at 602.687.6700.

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[mepr-show rules=”58038″]Property sold at a 6.81% cap rate.[/mepr-show]