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Phoenix is the fifth largest city in the country and the MSA was the second fastest growing large city in 2017. "Phoenix has seen some of the highest rent growth in the country recently. Occupancy is at record levels. This city has all of the fundamentals necessary for investing in multifamily," said Ben Leybovich, Managing Partner of Source Capital.
Silver Tree Apartments are located near Grand Canyon University (GCU), an area of Phoenix that is seeing rapid redevelopment. After having 1,000 students enrolled in 2008, the university had 17,500 on-campus students in the spring of 2017, and over 20,000 in the spring of 2018.
In 2017, GCU was granted membership into Division 1 athletics by the NCAA. In 2018, GCU received approval to return to non-profit status, allowing it to accept philanthropy and pursue grants. The university is spending hundreds of millions of dollars on construction projects in 2018 alone, including new classroom buildings, parking garages, a restaurant, athletic building improvements and library expansion. .
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"We love what's happening in this area, and we're excited to be a part of it," said Sam Grooms, Managing Partner of WhiteHaven Capital. The new owners, in collaboration with the area's premier property management provider, Shelton-Cook, plan to completely renovate and re-brand the property, offering residents additional amenities that have not been widely available in the sub-market until this year.
About WhiteHaven Capital and Source Capital
The companies are real estate private equity investment firms, with a focus on value-add multifamily properties in US growth markets. To learn more about their investments, accredited investors or advisers can visit www.whitehavencapital.com or www.justaskbenwhy.com.
Sam Grooms, Managing Partner
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