Western Wealth Continues Feeding MF Appetite, Pays $43M for Sonesta on University

Canadian buyer Western Wealth Capital continued its Phoenix-area investment, acquiring the 212-unit Sonesta on University for $42.5 million. Knightvest Residential sold the complex at 1975 E. University Dr. in Tempe, AZ.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller in the transaction. “The community’s location, within walking distance of ASU and in the heart of a top-performing submarket in Metro Phoenix, were very attractive attributes for investors,” Pesch said.

The complex offers one and two-bedroom layouts, with amenities including a fitness center, two swimming pools, volleyball and basketball courts and a newly-renovated dog park.

“Phoenix, particularly Tempe, is a high-growth market with significant potential for continued rent growth,” said WWC Director of Acquisitions Nathan Thinnes. “Sonesta on University is an excellent fit for our investment criteria, and we look forward to adding value to the community for residents and our investors.”

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