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.
“Tempe 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. “It’s located 2 miles away from Arizona State University, which serves as a preeminent catalyst for economic growth in the area. With employers like State Farm, Microsoft, Amazon, Deloitte, KPMG and Morgan Stanley, the city is also home to many high-tech industries, advancing business services, manufacturing, biotech and healthcare.”
Westmount at Downtown Tempe is strategically located southeast of Phoenix, approximately 1 mile from downtown Tempeand just two minutes from Marina Heights, the largest office development in Arizona, spanning 2 million square feet on 20 acres. Tempe is also one of Arizona’s most walkable cities and features more than 10,000 miles of hiking trails and 175 miles of bike paths in the region.