CBRE has arranged the sale of the 212-unit multifamily community Sonesta on University on behalf of Knightvest Residential to Western Wealth Capital (WWC) and its investor partners for $43.6 million.
Located at 1975 E. University Drive approximately one mile east of the Arizona State University Tempe campus, Sonesta on University features a 24-hour fitness center, two swimming pools and spa, beach-style volleyball court, basketball court and a newly renovated dog park.
“The community’s location within walking distance of ASU and in the heart of a top-performing submarket in Metro Phoenix were very attractive attributes for investors,” said Pesch.
According to CBRE Research, year-over-year multifamily rent growth in Phoenix increased 8.0 percent in Q4 2019, the strongest growth of all metros in the United States, while rent growth in Tempe increased 10.9 percent during the same time.
“Phoenix, particularly Tempe, is a high-growth market with significant potential for continued rent growth,” said WWC Director of Acquisitions Nathan Thinnes. “Sonesta on University is an excellent fit for our investment criteria and we look forward to adding value to the community for residents and our investors.”
To date, WWC has acquired 72 multi-family rental buildings, representing a total purchase price value of more than $2 billion and 15,750 total units. The company’s current portfolio of assets under management, net of divestments, includes 49 multi-family unit rental buildings totaling 12,196 units.