Saturday, May 14, 2011

Investment firm buys 4 Phoenix-area apartment communities

A Washington-based investment firm with its sights set on distressed apartment-home assets in Arizona has purchased four apartment communities in Phoenix, paying a combined total of about $68 million, according to commercial brokers involved in the deals.

Weidner Apartment Homes now owns 13 apartment complexes in the Phoenix and Tucson areas.

The four new purchases included Indigo at the Park, 7725 W. McDowell Road; Barossa at the Park, 7777 W. McDowell Road; Arete, 2506 W. Dunlap Ave., and Biltmore Club, 4640 N. 24th St.

The deals added about 1,160 additional units to the company's Arizona portfolio, which now totals about 4,250 units.

In early February, a limited-liability company formed by Weidner purchased the Peaks at Papago Park, 815 N. 52nd St., for $46 million in the largest multifamily-housing transaction so far this year.

Weidner has been purchasing apartment properties in Phoenix and Tucson since early 2010, with plans to acquire 6,500 units in Arizona, said Kevin Colard, senior acquisitions manager.

by J. Craig Anderson The Arizona Republic May. 12, 2011 04:04 PM

Investment firm buys 4 Phoenix-area apartment communities

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