Acore Capital Lends $79M on Arizona Apartments Buy
By Andrew Coen July 1, 2022 10:03 am
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Western Wealth Capital has sealed $79.4 million of acquisition financing for a multifamily property in suburban Phoenix, Commercial Observer has learned.
Acore Capital provided the 60-month, first-mortgage loan for Western Wealth’s purchase of Villetta Apartments in Mesa, Ariz., while Berkadia’s Andy Hill and Tyler Nowlin arranged the transaction out of the brokerage firm’s Austin office.
“After extensive discussions with a variety of capital sources, we were able to work with Acore to deliver a loan structure that was consistent with the borrower’s business plan and provided the leverage and flexibility that they needed,” Hill said in a statement. “Over the next few years, Western Wealth Capital will complete their disciplined value-add program which will include unit interior upgrades and additional community enhancement.”
Located at 1840 West Emelita Avenue just east of Phoenix and less than four miles from Arizona State University, the 1983-built garden-style property comprises 352 units. Community amenities include a resort-style pool with barbeque sundeck, a fitness center, a business center and a picnic area.
Vancouver, B.C.-based Western Wealth Capital acquired Villetta Apartments in May 2021 for an undisclosed price. It marked the real estate investment company’s 68th Phoenix-area transaction.
Monthly rents at Villetta Apartments range from $1,210 for studios to $2,220 for two-bedroom units, according to Apartments.com.
Officials for Acore, Western Wealth and Berkadia did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
