The Marble Creek apartments at 5601 W. McDowell Rd. in West Phoenix have been sold to an investor from British Columbia for $16,750,000. This asset expands the buyer’s portfolio of Greater Phoenix properties to more than 20.
“Marble Creek offered this buyer an extremely well-maintained property with strong occupancy in a great location close to Interstate 10,” says Trevor Koskovich, executive vice president with Colliers International in Greater Phoenix. “This area of Metro Phoenix boasts very strong demand for rental properties and offers highly desired freeway convenience along the interstate and the Loop 101.”
Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Greater Phoenix negotiated the sale transaction. Marble Creek LLC, an Arizona limited liability company formed by a local, private investor sold the property to WWC Holdings, LLC, an Arizona limited liability company.
Financing for the sale was arranged by Brandon Harrington and Matt Steffan with Walker & Dunlop.
The property is being acquired for approximately $69,000 per unit. WWC intends to normalize rents and bring them to market average; and invest in washer/dryer installs and interior upgrades to units.
“Using our proven operating strategy, we believe there is strong potential to significantly increase net operating income in a relatively short time frame,” says Janet LePage, chief executive officer of Western Wealth Capital.
Marble Creek was built in 1985 and contains 244 apartment units in 22 buildings. The 9.72-acre site also provides 410 parking spaces, including both covered and uncovered options. The one and two-bedroom units range in size from 720 to 1,000 square feet. Marble Creek was 96 percent occupied at the time of the sale.
Units offer spacious floor plans with full-size appliances, oversized closets and patio/balcony. Some units have been renovated and feature outside storage. The gated community offers a wide variety of amenities to its residents, including five on-site laundry facilities, barbecue grills, fitness center, playground, pool and spa, soccer field and sport court/tether ball.