Canadian Buyer Sinks $17M into Tempe’s 164-Unit Amber Gardens

Western Wealth Capital of Vancouver, BC paid $17 million for an apartment building in Tempe, near Arizona State University. The Canadian investor struck the deal for the 164-unit Amber Gardens Apartments (previously named Hayden Place) with San Diego-based United Development Group.

Amber Gardens, located at 625 W. First St., offers studios, one, and two-bedroom units. The property was built in 1985.

Western Wealth owns 24 apartment properties, totaling close to 4,000 units in the Phoenix market, ranking it in the top three in number of complexes owned, and the top eight in units owned. Janet LePage of Western Wealth said she liked Amber Garden’s proximity to ASU, as well as Tempe’s prognosis for job growth.

Carrick Sears and Chip Kloppenburg of SVN Desert Commercial Advisors represented Western Wealth Capital.

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