Westmount Realty Capital acquires garden-style multifamily community in Arizona

Westmount Realty Capital announced the acquisition of Tides at Downtown Tempe, a two-story, garden-style apartment community located at 615 S. Hardy Dr. in fast-growing Tempe. The 227-unit multifamily community consists of one-, two- and three-bedroom units averaging 811 square feet. The property, Westmount’s third multifamily property in Arizona, will be rebranded as Westmount at Downtown Tempe.

“Westmount at Downtown Tempe is a great investment opportunity in one of the fastest growing employment markets in the country,” said Brant Brown, COO & CFO of Westmount. “This property presents a substantial value-add opportunity for our portfolio as we focus on repositioning the asset. Through extensive renovations, Westmount will  greatly enhance the property’s interior and exterior amenities, which will include updating the leasing office, enhancing the green space and adding a beautiful year-round outdoor pool space with grills.”

The property was developed in 1971 with community amenities including a swimming pool, fitness center, laundry facility, dog park and bike storage. Interior renovations will include upgrading all units with premium finish-outs including new stainless steel appliances, granite countertops, vinyl wood flooring and 2-inch wood blinds. Units will also feature refaced cabinets, framed mirrors and upgraded lighting fixtures, cabinet hardware and door hardware. The property’s exterior amenities will undergo a full renovation with newly designed landscaping, pool upgrades, parking lot repairs, enhancement of outdoor green space including new murals and outdoor lighting as well as new exterior signage.

 

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