CHICAGO, IL - Waterton Associates announced 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, providing 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.
Chicago-based Waterton Associates, one of the leading multifamily companies in the nation, is focused on the acquisition of apartment communities in multiple markets to which it can add value through repositioning and renovation. With over 17,000 apartment homes the Waterton brand signifies exceptional living experiences, a sense of community, and home. Waterton employs approximately 450 associates who are committed to achieving the Waterton vision to be the leader in the multifamily industry.