Canadian investor Western Wealth Capital has acquired The Colony, a 236-unit apartment building in Phoenix, from an entity formed by CALCAP Advisors for $25.1 million.
Located at 4337 N. 53rd Lane, the property is made up of 41 buildings with one- and two-bedroom floor plans and 93 single-story casitas. The units average 825 square feet and has been updated with new washers/dryers, appliances, flooring and other general updates.
Executive managing director Jim Crews of Cushman & Wakefield's Phoenix office represented the seller.
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