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February 24, 2021
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WhiteHaven Capital Spends $16 Mil on Phoenix Apartment Complex


WhiteHaven Capital paid $16 mil for Villa De La Paz, a 104-unit ($153.8k/unit) apartment complex in Phoenix. The property, located at 6041 W Thomas Rd, was sold by Cornelius Covaci and Daniela F. Covaci.

The two-story property, located in the in the evolving West Phoenix submarket, features mostly two-bedroom/two-bathroom floor plans, each unit with balconies. Common amenities include a playground and pool. The new owner plans an extensive value-add program of the property that was built in 1982 and renovated in 2009.

The buyer plans to implement nearly $3 mil in renovations at the property. These will include in-unit upgrades such as new cabinetry, granite countertops and stainless appliances.

CBRE’s Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke represented both parties in the deal. Financing was arranged through CBRE Capital Markets.

“The metro Phoenix submarket is experiencing extremely strong investor demand from private capital investors, family offices and syndicators who want to take advantage of the robust fundamentals,” said Smuckler. “Phoenix is consistently one of the top performing apartment markets in the country regarding rent growth, net in-migration, employment growth and a pro-business environment. In addition, there is a scarcity of value-add opportunities that cater to the workforce resident profile and attractive fixed rate debt at historically low rates. These facts made this asset the perfect investment for the buyer.”

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