Westmount Realty Capital Acquires Garden-Style Multifamily Community in Arizona
Westmount Realty Capital recently announced the acquisition of Urban Trails at the District, a two-story, garden-style apartment community located at 1620 W Southern Ave. in fast-growing Mesa. The 156-unit multifamily community consists of one- and two-bedroom units averaging 728 square feet and is Westmount’s second multifamily property in Arizona.
“Urban Trails at the District is a great investment opportunity in one of the best places to live in Arizona,” said Brant Brown, COO & CFO of Westmount. “Along with interior and exterior renovations, Westmount will modernize the property’s amenities, which will include a new leasing office, a package locker system and a beautiful pool area with grills, shaded areas and a community barbeque area. With year-round sunshine, it was key to enhance the green space and create an enjoyable outdoor space.”
The property was developed in 1974 with community amenities including two swimming pools, a 24-hour fitness center, picnic areas and a dog park. Interior renovations will include upgraded amenities to every unit. Upgrades will include wood-like flooring throughout, tile backsplash, new lighting, cabinet fronts, stainless steel appliances and new cabinet and door hardware. Residents will also enjoy extra storage space.
“Mesa has strong economic fundamentals and steady growth, and Westmount is actively looking for multifamily investment opportunities in similar markets across the southwest,” said Cliff Booth, founder and CEO of Westmount. “The property’s proximity to the large Fiesta opportunity zone with more than $500 million pledged in infrastructure and new developments is extremely appealing. It features cutting-edge industry clusters with a skilled workforce of more than 16,800 employees and 460 businesses and easy market access.”
Urban Trails at the District is strategically located in southwest Mesa, a mile north of Interstate 60 and just three minutes from Mesa Riverview, approximately 1.3 million square feet of open-air retail, dining and entertainment space. And, the regional shopping center is adjacent to the 1.46-acre Sloan Park, the Cactus’ League’s newest stadium and spring training home of the Chicago Cubs. Additionally, Banner Desert Medical Center and its affiliate Cardon Children’s Medical Center are also located nearby.