WhiteHaven Capital and Source Capital are pleased to announce the acquisition of the 98-unit Silver Tree Apartments in Phoenix, Arizona. This is the first acquisition in the Phoenix metro for the two companies, who plan to build a portfolio of approximately 1,000 units in the market by 2020. “Phoenix has seen some of the highest rent growth in the country recently. Occupancy is at record levels. Population and job growth outpace national averages. This city has all of the fundamentals necessary for investing in multifamily,” said Ben Leybovich, Managing Partner of Source Capital. The new owners, in collaboration with a premier property manager, Shelton-Cook, plan to completely renovate and re-brand the property, offering residents additional amenities that have not been widely available in the Grand Canyon University submarket until this year. “We love what’s happening in this area, and we’re excited to be a part of it,” said Sam Grooms, Managing Partner of WhiteHaven Capital.