PHOENIX — Western Wealth Capital (WWC) has acquired Carlyle @ South Mountain, a 552-unit multifamily community in Phoenix, for $90 million.
Carlyle @ South Mountain consists of 360 apartment units and 192 townhomes that were built in 1996 and 1997, respectively. Western Wealth Capital will invest in capital improvements to the units, most of which have not been upgraded since their initial construction.
Physical amenities at the pet-friendly property include a resort-style pool, business lounge, basketball court and outdoor barbecue area. Service-based amenities include trash valet and package receiving.
The property is located along the Interstate 10 corridor near the campuses of several national employers, including Intel, Wells Fargo and Bank of America. The property also offers proximity to Arizona Mills Mall, the Arizona Aquarium and Tempe Diablo Stadium, the training ground of the Los Angeles Angels baseball team.
The acquisition, which raises the size of Western Wealth Capital’s multifamily portfolio to more than 7,500 units, is the company’s largest individual purchase by units and dollar value to date.
Cushman & Wakefield brokered the sale of Carlyle @ South Mountain. The seller was not disclosed.
— Taylor Williams