Sunday, October 2, 2011

Seattle investors buy W. Phoenix apartments

A Seattle investment firm said Wednesday that it has purchased a 298-unit apartment complex in west Phoenix called Hampton Square for $22.6 million.

The buyer, Weidner Apartment Homes, has been on a tear lately, buying up Arizona multifamily properties.

Orion Investment Real Estate Solutions of Scottsdale brokered the transaction.

Hampton Square is at 7205 W. McDowell Road, just north of Interstate 10.

The property was built in 2005 and is 93 percent occupied. It has a mix of two- and three-bedroom units averaging 1,270 square feet, Orion said in a news release.

Hampton Square was developed by the seller, Hampton Square LLC, an affiliate of Inland Empire Builders and Heers Management, based in Las Vegas.

Weidner Apartment Homes said it bought the community for its monthly lease revenue and intends to hold the property for the long term.

It assumed a $20 million loan from Principal Commercial Funding LLC in the acquisition of Hampton Square.

Weidner has acquired more than 6,000 apartment units in the Phoenix and Tucson areas during the past 18 months.

by J. Craig Anderson The Arizona Republic Sept. 29, 2011 04:58 PM

Seattle investors buy W. Phoenix apartments

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