Western Wealth Capital has purchased Villetta Apartment Homes, a 352-unit multifamily community in Mesa, Ariz. KKR sold the property for $108 million, and ACORE Capital Mortgage provided $79.4 million to finance the acquisition, according to public records. The asset last traded in 2021, when KKR paid $73 million for it to LivCor, Multi-Housing News reported.
Constructed in 1983, without any comprehensive upgrades to most of the units, Villetta Apartment Homes provides a strong value-add opportunity for the buyer. While some property amenities have recently been upgraded, the asset has not yet reached its full potential, according to a press release from Western Wealth Capital. The company plans to implement further improvements at the property.
Villetta Apartment Homes encompasses a mix of studio, one- and two-bedroom units, ranging from 413 square feet to 969 square feet. Property amenities include a fitness center, a barbecue and picnic area, a playground, and covered parking.
Located at 1840 W. Emelita Ave., the community is near public transit options, connecting it to downtown Phoenix, roughly 16 miles away. The community is also close to Loop 101 and Highway 60, providing access to the entire Southeast Valley, one of the most active regions for industrial developments in Greater Phoenix, generating thousands of jobs in the area.