Chicago, IL – August 12, 2012 – Waterton Associates is pleased to announce the recent acquisition of Desert Horizon Apartments, a 514-unit community located in Scottsdale, AZ. Desert Horizon is the fourth asset purchased by Waterton this year.
Constructed in two phases between 1985 and 1988 by Evans Withycombe Residential Inc, the two-story, 38 building structure includes 514 apartments consisting of one, two, and three bedroom garden style units. The property is located in Northern Scottsdale adjacent to the southeast intersection of North 56th Street and East Bell Road. The close proximity to major thoroughfares such as Frank Lloyd Wright Boulevard, Scottsdale Road and Pima Freeway (Loop 101), offers residents of Desert Horizon access to the entire Phoenix metropolitan area as well as access to several large employers such as nearby Greater Scottsdale Airpark, American Express, and the Mayo Clinic Hospital.
Mark Stern, Senior VP of Acquisitions, Waterton Associates noted, “Waterton is excited about closing our second acquisition in Arizona. Desert Horizon is a perfect fit for our value add program where we can upgrade the interiors to compete with the newer product in the submarket. With access to the entire Phoenix metropolitan area, Desert Horizon’s location combined with first class features and amenities makes the community a significant asset for Waterton.”
In addition to the employment drivers, residents have access to major retail amenities in the area such as Desert Ridge Marketplace, Kierland Commons, Scottsdale Quarter, The Promenade and Paradise Valley Mall. North Scottsdale is also home to several notable resorts, golf courses and outdoor activities including the Westin Kierland development, TPC Scottsdale, Tatum Ranch and Grayhawk Golf Club. Residents enjoy a host of amenities and features including a clubhouse with billiards table, media room and culinary station, fitness center, 5 swimming pools and 3 spas as well as full sized washers and dryers, wood burning fireplaces, 9 foot ceilings, and private patio or balcony. Waterton closed the Desert Horizon Apartments transaction August 14, 2012 and plans to implement a value-add, physical upgrade renovation program including upgraded flooring, clean steel appliances, new countertops and cabinet hardware, and a plumbing fixture upgrade.
Waterton Associates L.L.C. (“Waterton”) is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995 by David Schwartz and Peter Vilim, Waterton executes value add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Waterton has a proven expertise in selecting attractive risk adjusted real estate investments in major markets around the United States and manages its portfolio through wholly owned property management subsidiaries Waterton Residential and Ultima Hospitality. Waterton Residential was founded in 1998 to improve and manage multifamily properties and currently manages over 50 apartment communities in major U.S. markets with a focus on excellent resident service, competitive pricing and flexible lease terms. Since its formation, Waterton has sponsored multiple investment vehicles and has invested over $5.3 billion in assets. Waterton is privately held by its co-founders and is headquartered in Chicago with seven regional offices throughout the United States. For more information, please visit www.WatertonAssociates.com.