Western Wealth Capital, a Vancouver, Canada-based multi-unit rental property investment firm, recently purchased the 164-unit Amber Gardens in Tempe for $17 million ($103,000 per unit).
Western Wealth Capital now owns 24 properties and 3,998 units in the Phoenix area. The firm is the 3rd largest multifamily property owner in Phoenix in terms of number of properties and the 8th largest multifamily property owner in terms of units, according to Yardi Matrix.
“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 Janet LePage, founder of Western Wealth Capital who was recently named one of Business in Vancouver’s Forty Under 40.
Amber Gardens, 625 W. First St. in Tempe, is located within a half mile of Arizona State University’s main campus and Tempe’s Mill Avenue and also within walking distance to light rail. The property, built in 1985, has a unit mix of 65 percent two-bedroom, 24 percent studio and 11 percent one-bedroom. It features two pools and a spa.
Western Wealth Capital purchased Amber Gardens from United Development Group of San Diego. Carrick Sears and Chip Kloppenburg of SVN Desert Commercial Advisors represented Western Wealth Capital.