Westland Apartment Investors announces the purchase by a Westland-organized investor group of the Regency Park Apartments in Phoenix, Arizona for $13.5 million, with an additional $1.56 million being committed for upgrades to the property. This represents the second investment made by investors associated with the Portland firm in the Phoenix area.
“The Regency Park purchase is strongly aligned with our business model,” said Erik Mattson, Westland Partner. “The North Central Phoenix area is gentrifying rapidly, and investors committed to improving properties for residents are experiencing growth in value above the general market rate.”
Some of the improvements being planned for this complex include upgrades to building exterior color scheme and style, enhancing the entrance of the complex, updating the pool area and modernizing the club house and fitness room. Nearly all of the 104 2-bedroom units will be repainted and refurbished with kitchen cabinets, new stainless steel appliances and quartz counter tops.
With more projects such as this on the horizon, Westland is looking to establish relationships with additional accredited investor clients. Interested investors should contact Erik Mattson at email@example.com or by calling (503) 297-2575.