Monday, September 25, 2023


With recent growth and revitalization in the midtown area the property is being repositioned to better align with the needs and desires of modern tenants.

PHOENIX, July 13, 2023 /PRNewswire/ — WhiteHaven, a private equity real estate firm specializing in multifamily housing in Greater Phoenix, announced the acquisition of Clarendon Park Apartments in Phoenix on June 30. At takeover the property rebranded to Haven at Midtown. The community was acquired for $37 million and is WhiteHaven’s ninth acquisition in Arizona.

“We are thrilled to have had the opportunity to source this attractive investment through our network of top brokers across the Phoenix MSA,” said WhiteHaven principal Sam Grooms. “Given WhiteHaven’s history of seamless transaction execution, our firm was invited to pre-empt the marketing process and worked expediently to execute the acquisition in what has been a challenging capital markets environment. This property is an ideal addition to WhiteHaven’s portfolio due to its location, vintage, unit mix, and heavy value-add potential. Following a full-scale renovation, we believe this community will appeal to a wide range of tenant profiles, ensuring strong investment returns for our partners.”

Haven at Midtown was built in 2002 and features 138 studio-, one-, and two-bedroom units. The ample community amenities include a resort-style pool with a grilling area, a state-of-the-art gym, a dog park, garages, and covered parking. The property benefits from the redevelopment of the area with the revitalization of Park Central, the addition of Creighton University’s medical campus, and Dignity Health’s corporate office, all which have led to the area’s recent designation as a bioscience hub.

“The growth in the area has contributed to an evolution of the tenant base, yet Haven at Midtown has not seen any meaningful upgrades since being built and currently is not able to successfully fulfill tenant expectations. WhiteHaven’s preferred execution of heavy programmatic value-add will include upgrading unit interiors with new high-end cabinets, luxury appliances, flooring, and fixtures. We further plan to add electrical vehicle charging in the garages. The midtown area has become an exceptionally desirable and highly amenitized destination for young professionals, and we look forward to participating in the continued growth momentum in the area over the coming years,” said WhiteHaven principal Ben Leybovich.

WhiteHaven’s recent acquisition highlights the company’s investment strategy of purchasing core plus assets in desirable locations and performing high-end improvements to maximize the value of assets in its portfolio. WhiteHaven is entering at a low basis, far underneath replacement cost even post-renovation and targets improving the net operating income at the asset by over 50% in the first three years of ownership.

Greystar will be the property manager for this asset.

About WhiteHaven

WhiteHaven is a private equity firm with a focus on multifamily real estate in Greater Phoenix. By focusing on core plus assets and committing to extensive programmatic improvements, they maximize value for their investors, tenants, and the Phoenix community. Since its inception, WhiteHaven has transacted over $450 million, including the full-cycle disposition of five assets. To learn more, visit

Lindsay Muse
+1 602 529 4359
[email protected]

SOURCE WhiteHaven

Originally published at

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