Waterton acquires 629-unit Deer Valley property
Waterton, a national real estate investor and operator, announced it acquired Element Deer Valley, a 629-unit highly amenitized rental community at 19940 N. 23rd Avenue in Phoenix, a strategically significant region of the country for the firm. Part of an eight-property acquisition, the property will benefit from Waterton’s vertically integrated design, construction and operations disciplines as the firm enhances the units and the shared spaces to increase net operating income.
“As a hub of population growth and job creation, Phoenix is an extremely important market for multifamily investment.,” said David Schwartz, chairman and co-founder of Waterton. “The large and diversified economies increasingly create demand for high-quality rental options and Element Deer Valley presents the perfect opportunity to meet incremental rental demand and bring the Waterton vision to this solid property.”
Element Deer Valley offers an upscale clubhouse, interactive fitness center, four pools with spas, game room with billiards table, Java Café with WiFi and BBQ grilling areas. Offering access to the Loop 101 and I-17 freeways, the pet-friendly property is located close to shopping, dining and recreation.
“Element Deer Valley has terrific bones. It was developed with a high-end clientele in mind and has been well-maintained,” said Schwartz. “And, the property fits perfectly with our strategy to bring updated apartment homes and common spaces to residents here and in communities nationwide.”
Additional assets included in the recent acquisition are as follows:
- Gramercy on the Park in Dallas, TX, with 535 units;
- Mockingbird Flats in Dallas, TX, with 417 units;
- Creekside at Legacy in Plano, TX, with 380 units;
- Lakeshore at Preston in Plano, TX, with 302 units;
- Plantation at The Woodlands in Houston, TX, with 432 units;
- The Tribute in Raleigh, NC, with 359 units; and
- The Residences at Springfield Station in Springfield, VA, with 631 units.
“The transaction allowed us the opportunity to acquire an institutional-quality portfolio with proven upside potential at an attractive basis relative to replacement cost,” said Justin Maturo, vice president of acquisitions at Waterton. “We have a lot of conviction around the portfolio and look forward to expanding upon the successful value-add program to help the properties further compete within their competitive sets.”
According to Schwartz, “The assets are a great addition to Waterton’s existing portfolio. We’ve been actively pursuing opportunities in these markets for years and are excited about our most recent acquisitions.”