Canadian Investors Continue to Influence Market with $41M Purchase

Posted on May 31 2016 - 1:00pm by Lance Edwards

Phoenix_skyline_Arizona_USA(PHOENIX, AZ)— A Canada-based investment firm has just made a $41.5 million acquisition of a multi-property deal in Phoenix.

The four-property portfolio boasts nearly 750 units between the cities of Phoenix and Mesa, according to Multihousing News.

Marcus and Millichap’s National Multihousing Group in Phoenix says the portfolio has great geographic diversification.

“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,” Cliff David, senior director at Marcus & Millichap, says.

The properties included in the portfolio are Sandal Ridge, located at 645 North Country Club Drive near Mesa; Penny Lane, located at 544 East Southern Avenue; Las Vistas at Papago Park, located at 1010 North 48th in Phoenix; and Desert Wind, located at 4141 West McDowell Road in west Phoenix.