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. 48th, 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.