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Published:   September 28, 2012
Volume:   XVIII    Number:   38

LATEST WEIDNER APARTMENT DEAL GIVES THE FIRM 25 PROPERTIES AND 7,836 UNITS IN ARIZONA

Chandler – Since making its first multi-family acquisition in the Valley in March of 2010, companies formed by Weidner Apartment Homes in Kirkland, Wash. (Dean Weidner, principal) have now amassed 7,836 apartment units in 25 properties in Arizona. That is an average of 261 units purchased per month or almost 9 apartments acquired per day. While that is an amazing run over the past two and a half years, and well over Weidner’s original goal of owning 5,000 units in the Phoenix area, the company continues to scour the Valley for apartment investment opportunities. As a matter of fact, sources say Weidner has another multi-family property that is closing next month in the Phoenix area. Word is that Weidner is under contract to buy a 256-unit apartment project in Mesa in a transaction set to close in October. No further details available on that pending acquisition. Kevin Colard, senior acquisitions manager at Weidner, says while the company has reached its goal in owning 5,000 units in the Phoenix area, just about every time the company goes shopping in other markets in the U.S., the best deals end up being in the Valley. “There are just really good opportunities in the Phoenix market,” says Colard. In its latest purchase, a company formed by Weidner paid $27.3 million ($113,750 per unit) to buy the 240-unit Dobson Towne Centre apartments at 1817 N. Dobson Road in Chandler. Records show the buyer was Dobson Towne Center Apartments LLC ain (the Weidner entity). The seller was ACPRE DOB Real Estate LLC, a company formed by The Archon Group, a wholly-owned subsidiary of Goldman Sachs & Co. in New York City, N.Y. The transaction was brokered through Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE in Phoenix. Weidner acquired the Chandler apartments with a $20.7 million Fannie Mae loan issued by Berkeley Point Capital LLC in Irvine, Calif. Of the 25 Arizona apartment projects now owned by Weidner, 18 of the communities are in the Phoenix area and 7 are in Tucson. The privately-held Weidner Apartment Homes owns roughly 33,000 multi-family units in Arizona, Washington, Alaska, Colorado, Texas and western Canada. Although Weidner is being more selective in its Arizona investments, the company continues to pursue more multi-family assets. In June, BREW reported Weidner paying $31.133 million ($98,522 per unit) to buy the 316-unit Mirador apartments at 1550 E. Thunderbird Road in Phoenix. In July 2005, BREW reported The Archon Group entity paying $23.75 million ($98,958 per unit) to purchase the Dobson Towne Centre apartments. The complex was built in 2001. Learn more from Collard at (425) 821-3844. Katie Bloom is the contact at The Archon Group . . . (972) 368-2200. Call the CBRE agents at (602) 735-5555




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