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11/02/21
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Westover Parc Apartments, a 160-unit apartment community in Phoenix, was purchased for $41.6 mil ($260k/unit) by an East Coast-based buyer. Westover Parc Apartments is located at 6515 W. McDowell Rd, west of Hwy 202 and just north of I-10.
The property was sold by Next Wave Investors LLC. The firm, through a subsidiary company, initially purchased 103 of the units as condominiums in September 2019 and proceeded to strategically acquire the remaining units from more than a dozen different sellers over six months, for a total consideration of approximately $22 mil.
Westover Parc Apartments offers residents fully equipped and modern one-, two- and three-bedroom units. The property also has a variety of community amenities including a pool, picnic areas, barbeque grills, and the security of being a gated community. The property is situated near several diverse employers, award-winning schools, and numerous retail, dining, and entertainment options.
Through value-add improvements, the Next Wave was able to nearly double the value of the asset in just over two years. The improvements included interior renovations of almost all units; repainting the community; revamping the pool area, club house, and fitness center; and implementing a security system.
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