TORONTO--(BUSINESS WIRE)--Emma Capital Investments Inc. ("Emma Capital") is pleased to announce the completion of the acquisition of Cedar Court, a 116–unit garden style multi family apartment community located at 5215 W. Peoria Ave, Glendale, AZ (submarket of Phoenix), Arizona (the "Property") at a purchase price of US$6.22 Million. This is Emma Capital’s fifth acquisition in the greater Phoenix market.
The property is a 1986 PB BELL development, features extensive amenities consistent with Emma capital’s established portfolio and benefits from its close proximity to several employment centers and major transportation corridors, including downtown Phoenix. A significant opportunity exists for Emma Capital to increase the value of the property through a unit interior upgrade program as almost all of the units feature original finishes. The proximity of Cedar Court to Emma Capital’s other properties in the immediate vicinity also provides for numerous opportunities for operational efficiencies and streamlining of expenses.
About Emma Capital
Emma Capital was founded in 2012 and specializes in the identification, financing, acquisition and operation of multi-family residential complexes, in particular in the Sun Belt States in the U.S. The typical Emma Capital project involves 100+ class “B” apartment communities with value-add opportunities, delivering strong cash flow and long-term appreciation while preserving capital