WhiteHaven, a U.S. private equity real estate firm specializing in multifamily housing, has acquired Clarendon Park Apartments in Phoenix for $37 million. The property has been rebranded as Haven at Midtown. This acquisition marks WhiteHaven's ninth purchase in Arizona and aligns with its strategy of investing in core plus assets and implementing high-end improvements to enhance value. Haven at Midtown, built in 2002, offers one hundred thirty-eight studio, one-, and two-bedroom units, along with a range of amenities such as a resort-style pool, a state-of-the-art gym, and covered parking. The property is ideally situated in an area experiencing growth and revitalization, including the development of Park Central and the establishment of a bioscience hub.
With a focus on maximizing value through strategic improvements, WhiteHaven aims to significantly increase the net operating income of the asset over the next three years. The company's commitment to programmatic enhancements and desirable locations in the Greater Phoenix area underscores its dedication to delivering value for investors, tenants, and the community.