WWC XX, LP, an entity formed by Western Wealth Capital out of North Vancouver, British Columbia was the seller. Western Wealth Capital acquires multifamily rental properties and increase net operating income and valuation through an approach that has been successfully applied across their portfolio. Western Wealth Capital focuses on markets underpinned by economic fundamentals of population, employment, and GDP growth. They manage these assets, distribute resulting cash flow to investors, and when appropriate, divest.
The HSK Team – Bill Hahn, Trevor Koskovich, and Jesse Hudson of Colliers International in Phoenix represented the seller and procured the buyer. RCC Real Estate, Inc., an entity formed by Richard Vann out of San Diego, California was the buyer. Arcadia Walk is Vann’s first multifamily acquisition in the Phoenix market.
“The buyer is capitalizing on the strong rent growth and demand in the popular Arcadia submarket” says Koskovich. “He plans to continue to renovate the property’s interiors and exteriors and drive value.”
Arcadia Walk consists of 9 buildings with 94,704 square feet of space situated on 4.29 acres. The community is a blend of 3% studios, 76% 1-bedroom units, and 21% 2-bedroom units. Twenty-three percent of the property has been upgraded with new kitchen cabinets and countertops, new flooring, new light fixtures, new paint, new bathroom cabinets and countertops, and new appliances.
The community is located on the west side of 44th street just south of Thomas Road. The property is minutes away from popular up-scale restaurants, retail centers, and major employment corridors such as The Biltmore and Downtown Phoenix. Centrally-located in the Arcadia section of Phoenix, along the Camelback corridor provides residents easy access to the popular Arizona Biltmore Golf Course, Arcadia Neighborhood, Camelback Mountain hiking, and a direct route to both uptown Phoenix and Old Town Scottsdale shopping and dining.