Vancouver-based Western Wealth Capital continues to increase its real estate buys in the Phoenix market.
The latest for the Canadian company is a $17 million multifamily purchase in Tempe near Arizona State University.
Janet LePage's Western Wealth bought the 164-unit Amber Gardens apartment complex in Tempe from William Ayyad's San Diego-based United Development Group.
The sale translates into $103,000 per apartment.
Western Wealth now owns 24 apartment properties and close to 4,000 multifamily units in the Phoenix market. That ranks it in the top three in terms of local apartment complexes owned and the top eight when it comes to units owned.
Amber Gardens is located at 625 W. First St. in Tempe west of Mill Avenue and ASU's main campus.
Carrick Sears and Chip Kloppenburg of SVN Desert Commercial Advisors represented Western Wealth Capital in the deal.
"Amber Gardens' proximity to Arizona State University and Tempe's optimistic job growth, especially in the technology sector, makes this acquisition a big win for Western Wealth Capital," said LePage, founder and CEO of Western Wealth Capital.
The complex was previously named Hayden Place.
Rents at Amber Gardens range from $770 for a studio to $1,025 for two bedrooms. You can check out past consumer reviews of Amber Gardens online at sites such as ApartmentRatings.com and Google Reviews.
Investment groups and landlords continue to buy, sell and trade apartment complexes in the Phoenix area. There were 102 apartment buildings and complexes sold totaling $1 billion in the third quarter, according to Kidder Mathews, a Seattle-based commercial real estate firm.
For the full story, go to Phoenix Business Times.
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