Canadian Buyer Pays $21M for Arizona MF

Hamilton Zanze sold The Arbors at 5th Apartments at 805 W. Brown St. in Tempe, AZ. The buyer, Western Wealth Capital of Vancouver, BC in Canada, paid $21.3 million for the Class B property.

The 197-unit property was built in 1967. During its tenure, the San Francisco-based Hamilton Zanze made on-site improvements including a new leasing office, clubhouse and fitness center, as well as upgrades to 64 of the apartments.

“The Arbors at 5th offered the buyer a great value-add opportunity in the heart of the Valley’s most dynamic marketplace, Tempe,” said Cindy Cooke of Colliers International. “(The asset) provides a Class A location, with the ability to add value by renovating the interior of the units.” Cindy Cooke and Colliers’ Brad Cooke represented the seller.

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