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August 20, 2019
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TEXAS/SOUTHWEST NEWS
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Canadian Investment Entity Pays $25 Mil for Phoenix Multifamily Property

6/21/19

The Colony, a 236-unit res property in Phoenix, sold for $25.1 mil, or $106.4k/unit. The buyer was WREF Colony LP, an entity formed by Western Wealth Capital of North Vancouver B.C., Canada.

Built in 1979, The Colony is located at 4337 North 53rd Lane and is a one- and two-story garden-style complex. The property is composed of 41 buildings with a mix of both one- and two-bedroom unit types, including 93 single-story casitas. The units feature large floor plans with walk-in closets and an average unit size of 825 sf.

Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller, 4337 North 53rd Lane LLC, an entity formed by CALCAP Advisors of Pasadena Crews. According to Crews, the property is well positioned for interior upgrades including washers/dryers, appliances, flooring and general updates.

Offering convenient access to the I-10 and I-17 freeways, The Colony is approximately three miles from Grand Canyon University. The property also offers residents easy access to multiple shopping, recreation and dining options including Walmart SuperCenter, Ross Dress for Less, Walgreens, CVS and Grand Canyon University Golf Course. In addition, the property is within walking distance to the Maryvale Community Center, YMCA, Palo Verde Library and the Maryvale Baseball Park.





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