Canadian investor buys Tempe apartments

Western Wealth Capital announced the closing of its 126th real estate acquisition – Sonesta on University Apartment Homes in Tempe.

This is Western Wealth Capital’s 78th multifamily acquisition in the Phoenix market. 

WWC and its investment partners closed on the 212-unit multifamily apartment community of Sonesta on University Apartment Homes, originally constructed in 1989. The complex is located at 1975 E University Drive. 

Sonesta on University presents a highly sought-after investment opportunity for Western Wealth Capital’s interior and exterior value-add programs. The property features recently upgraded amenities including two pools, a beach volleyball court, basketball court, putting green, and a resident clubhouse; however, there is additional potential for new exterior paint and improvements to existing landscaping. Many of the interiors are in classic condition and represent a prime value-add opportunity for WWC’s interior upgrade program.

“It’s fitting to achieve such an important milestone for the company with our 78th acquisition in Phoenix, the market where it all began for us as a company in 2014,” says Doug Mather, Executive Vice President. “Achieving $5 billion in total transactions is a testament to the systematic and disciplined approach of our investments and the growth of the company. We’re thrilled to announce this acquisition and look forward to future growth.”