PHOENIX, ARIZONA DECEMBER 2021 – Westport Properties, a premier owner/operator of self storage and multifamily properties nationally, announced that it has sold Park 67, a 160 unit multifamily community in Glendale, Arizona under the entity Vertex Glendale, LLC to an undisclosed buyer for $30.4 million. Westport Properties acquired the property for $14.7 million in January 2020.
Located at 6112 N 67th Avenue, Park 67 features one- and two-bedroom units ranging in size from 655 to 855 square feet with rents ranging from $850 to $1,175. The community features covered parking, covered ramadas, air conditioning, spacious closets, pool, barbeque area, window coverings and laundry facilities.
“We were able to acquire Park 67 at a great price, a 6.5% cap rate due to the loan assumption,” David Grissom, Managing Partner, Westport Residential, LLC, an affiliate of Westport Properties. “Our team was able to grow rents by renovating the property and making it a more desirable place to live. The residential market in the Phoenix area has been very strong this year which also enhanced our ability to increase the property’s value.”
Jesse Hudson, Trevor Koskovich, Bill Hahan, and Ryan Boyle from NorthMarq Phoenix represented Westport Properties and the buyer in the transaction. “Park 67 is an excellent example of the rent growth opportunity in the Glendale market, says Hudson. The Phoenix multifamily market continues to move at a substantial pace. Park 67 marks our team’s seventh multifamily sale this month, with three additional transactions scheduled to close before year end.”
About Westport Properties
Founded in 1985, Westport Properties (“WPI”) is an owner-operator of self storage, multifamily and industrial properties across the United States. The Company is a fully integrated operator that develops, acquires and manages its portfolio as well as providing third-party management services. As of December 2021, it has under management 161 self storage assets in 16 states with a total of 105,603 units and 11,675,655 net rentable square feet of self storage space with its US Storage Centers brand and 669 multifamily units, employing approximately 400 people nationwide. WPI is a founding partner of the 501(c)3 Kure-It, a non-profit organization that raises money for underfunded cancer research, and Charity Storage, a 501(c)3 that uses vacant storage units to raise money for local charities. To date, Kure-It has raised over $10M and Charity Storage has raised over $500K.
As a capital markets leader, Northmarq offers commercial real estate investors access to experts in debt, equity, investment sales and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $30 billion, loan servicing portfolio of more than $70 billion and the multi-year tenure of our more than 700 people.