TORONTO--(BUSINESS WIRE)--Emma Capital Investments Inc. ("Emma Capital") is pleased to announce the completion of the acquisition of Crosswinds Apartments, a 374–unit garden style multi-family apartment community located at 868 South Arizona Avenue, Chandler, AZ 85225 (submarket of Phoenix), Arizona(the "Property") at a purchase price of US$22,000,000 Million. This is Emma Capital’s 14th purchase in the United States and brings Emma Capital’s total acquisitions to date to over US$200,000,000 and over 3,000 apartment units.
The Property is strategically located on Arizona Avenue / Pecos Road, less than 1 mile South of Downtown Chandler. The submarket is located approximately 20 miles southeast of Downtown Phoenix, and is an integral part of the thriving SE Valley. With a strategic location, between downtown Chandler and Loop-202, Crosswinds offers exceptional access to numerous demand generators and employer job hubs.
Crosswinds was built in 1984, and has an attractive unit mix, offering studio, one and two bedroom units. The complex features a resort-like swimming pool and Spa, BBQ Grilling Stations, Beautiful landscaping, Laundry facility, Fitness Center, sport courts a Walking/Jogging Track surrounding the Property as well as Covered Parking.
A significant opportunity exists for Emma Capital to increase the value of the property through a unit interior upgrade program, where units will be modernized with new appliances and flooring in a contemporary style as well as a repainting of the exterior of the Property with a modern colour scheme.
“We are pleased to add Crosswinds Apartments to our growing portfolio in the Phoenix Area,” stated founding Partner and Co-Owner Haya Zilberboim. “Chandler is one of the fastest growing urban centers in the United States and is one of the fastest growing High Technology manufacturing cities in the west. Downtown Chandler is undergoing a period of explosive growth. The addition of this property further strengthens our footprint in this rapidly growing market.”
“This investment is our 7th in the Phoenix area,” added Partner and Co-Owner Oz Cohen. “We continue our expansion into new submarkets such as Raleigh and Charlotte, NC while enhancing our presence in the Phoenix and Atlanta areas with the purchase of quality value-add assets in strong locations.”
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. To date, Emma Capital’s portfolio consists of total purchased value of over US$200 Million dollars of property and over 3,000 units in the Phoenix, Atlanta and Charlotte markets.