Marcus & Millichap (NYSE: MMI), negotiated 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 total sales price for the portfolio is $41.5 million.
“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,” says Janet LePage, a founder of Western Wealth Capital. “We are bullish on the Valley and continue to seek more multifamily acquisitions.”
The properties are:
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.
