June 22, 2019
Western Wealth Capital struck a deal with CALCAP Advisors to acquire The Colony, a 236-unit apartment complex in Phoenix. The buyer, located in North Vancouver BC in Canada, paid $25.1 million to the Pasadena, CA seller for ownership rights to the 40-year-old property at 4337 N. 53rd Lane. Jim Crews with Cushman & Wakefield’s Phoenix office represented the seller.
Once known as Glenrosa Park, The Colony offers one and two-bedroom units. “This property is well-positioned for interior upgrades, including washers/dryers, appliances, flooring and general updates,” Crews said. Other amenities include a pool, playground, and picnic and grilling areas.
Western Wealth Capital is active in the Sun Valley, and is the Phoenix area’s second-largest multifamily owner/operator. “Our Canadian buyer continues to add to their existing portfolio,” Crews said. “They see continued investment upside with Phoenix multi-family fundamentals, including population growth and projected rent growth well above the national average.”
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