TORONTO, April 27, 2015 / – Emma Capital Investments Inc. (“Emma Capital”) is pleased to announce the completion of the acquisition of Ridge Point Apartments, a 164–unit garden style multi family apartment community located at 5020 W. Peoria Ave, Glendale, AZ (submarket of Phoenix), Arizona (the “Property”) at a purchase price of US$9.15 Million.
The property was built in 1986 and is well-located in the North Phoenix/Glendale area, situated on Peoria Avenue and 51st Avenue. Ridge Point is unique in that it has street frontage on both major arterials. Given these surface streets and nearby freeways, residents of Ridge Point enjoy convenient access to the entire Phoenix as well as to the immediate submarket attractions, shopping and demand generators. The Property features extensive amenities consistent with Emma Capital’s established portfolio and is in close proximity to a number of diversified employers with an emphasis on healthcare, education, retail, sports and tourism industries.
Ridge Point is situated on approximately 5.91 acres and offers five spacious floor plans to choose from, providing some flexibility to adhere the needs/tastes of a multitude of potential renters. All units are equipped with stackable washer/dryer all electric kitchen, dishwasher, disposal, refrigerator, microwave, ceiling fan(s), breakfast bar, pantry, private patio/balcony, and extra storage. Select units have fireplaces, French balcony doors and walk-in closets.
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. “We are very excited about adding this community to our portfolio,” stated founding partner and Co-Owner Haya Zilberoim. “The proximity of Ridge Point to Emma Capital’s other properties in the immediate vicinity provides for numerous opportunities for operational efficiencies and streamlining of expenses.” “The investment underlies our belief in the strength of the Greater Phoenix market,” added Partner and Co-Owner Oz Cohen. “This is Emma Capital’s 6th transaction in the Greater Phoenix market and we continue to actively seek other selective value-add opportunities.”
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
For further information:
Please contact Haya Zilberboim (email@example.com) at (647) 686-5594 or Oz Cohen (firstname.lastname@example.org) at (416) 731-4849.