Chicago, IL – July 26, 2012 – Waterton Associates is pleased to announce the recent acquisition of Andante Apartments, a 576-unit community located in Phoenix, AZ. Andante is the third asset purchased this year by Waterton.
Constructed in 1999 and 2001 by SNK Realty Group,the three-story, 32 building structure includes 576 apartments consisting of one and two bedroom garden style units. The property’s location within the South Phoenix submarket provides convenient access to Interstate 10, the Loop 202 Freeways, downtown Phoenix, Tempe, Chandler, Scottsdale employment corridors and retail centers. Many major employers are within 10 minutes of the property, including two Intel campuses, Freescale, Honeywell, Avnet, Insight Computers, Wells Fargo, and Bank of America, provide over 18,000 jobs.
“Waterton is excited to re-enter the Phoenix market with the acquisition of Andante. Its superb location relative to top employers, upscale retail and Phoenix Sky Harbor International Airport all reinforce our decision to purchase the asset,” said Mark Stern, Senior VP of Acquisitions, Waterton Associates. “We believe Andante is the perfect candidate to receive a light rehab that will modernize the unit interiors, allowing the property to better compete with product already renovated in the submarket.”
Adjacent to four master planned communities totaling 14,000 acres, Andante is the most recently developed multifamily community west of Interstate 10 in the Ahwatukee Foothills. Ahwatukee, recognized by Money Magazine as one of the “best places to live,” attracts residents with its mix of upscale retail, proximity to higher education, and spectacular recreational amenities. Andante benefits from proximity to the 18,000-acre South Mountain Park, offering sprawling mountain views. Residents enjoy a host of amenities and features including business center, 3 swimming pools, meditation garden, fitness center, expansive pet-park as well as full sized washers and dryers, over-sized closets, complete appliance package and open patio or balcony.
Waterton closed the Andante Apartments transaction July 26, 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.