Sunday, June 26, 2011

Trillium Pinnacle Peak apartments sold to Weidner for $76 mil

Pinnacle Peak Apartments LLC of Tempe sold Trillium Pinnacle Peak at 24250 N. 23rd Ave. in Phoenix to Weidner Investment Services Inc., an S-corporation of Kirkland, Wash., for $76 million. Mark Forrester and Ric Holway of Hendricks & Partners in Phoenix represented the seller. The buyer was self-represented in the sale of this 724-unit community that was 95 percent leased at the time of sale. The deal took longer than usual to complete because Trillium Pinnacle Peaks is located on state trust land and the buyer had to be approved by the Arizona Land Department to assume the lease.

The Trillium project is Weidner's 14th Arizona apartment-community acquisition in about 18 months. In May, Weidner paid a combined $68 million for four multifamily properties in the Phoenix area. They now have nearly 5,000 units and plan to acquire 6,500 units in Arizona.

by John McLean Arizona Business Gazette Jun. 16, 2011 12:00 AM

Trillium Pinnacle Peak apartments sold to Weidner for $76 mil

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