Investment Firm Buys Six Properties in as Many Weeks

Penny Lane was developed in Mesa, AZ in 1985 featuring 136 units.

PHOENIX—A rental property investment firm has been on a buying spree during the past few months, indicating it is bullish on the Valley. The Greater PHX IV Portfolio , a four-property, 748-unit, real-estate-owned portfolio located in Phoenix and Mesa, AZ has sold to Western Wealth Capital LTD, a Vancouver, Canada-based multiple-unit rental property investment firm. The total sales price for the portfolio is $41.5 million. Janet LePage , a founder of Western Wealth Capital, tells GlobeSt.com: “The Greater PHX IV Portfolio broadens our investment in Phoenix, coming on the heels of two other transactions in the last five weeks. Our approach is to identify cash-flowing properties with attractive risk/return profiles, strong fundamentals and the potential to increase the property value. We see the Phoenix area as providing a significant return on our investment.” Western Wealth Capital now owns 21 multifamily properties and 3,487 units in the Phoenix area, with the Greater PHX IV Portfolio. Sandal Ridge is located at 645 N. Country Club Dr., and consists of 196 units developed in 1979 on the periphery of downtown Mesa, AZ. Penny Lane is located at 544 E. Southern Ave. It was developed in Mesa, AZ in 1985 featuring 136 units, each equipped with full-size washer and dryer connections. Las Vistas at Papago Park is located at 1010 N. 48th St. It is a 200-unit community built in 1982 and situated in the Camelback East Village of Phoenix. Desert Wind is located at 4141 W. McDowell Rd. It is a 216-apartment community in West Phoenix developed in two phases in 1987 and featuring second-story vaulted ceilings and a controlled-access, gated entry. Western Wealth Capital’s purchase of the Greater PHX IV Portfolio follows two other multifamily transactions in recent weeks. Earlier in May, Western Wealth Capital purchased 300 units at Signature Place Condominiums in Tempe, AZ for $40 million. In April, Western Wealth Capital spent $27.25 million for the 397 unit- Valencia Crossing in Mesa, AZ. “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 LePage. “We are bullish on the Valley and continue to seek more multifamily acquisitions.” Cliff David , senior director of Marcus & Millichap ‘s national multi housing group in Phoenix, and Steve Gebing , a senior director of the firm’s Institutional Property Advisors (IPA) division, represented the seller and procured the buyer. “This portfolio has great geographic diversification throughout metropolitan Phoenix and tremendous operational scale,” says David. “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.”