LNR Partners Sells 399-Unit Multi-Family Asset to Weidner for $36M

By Alex Girda, Associate Editor In a $36 million deal, Weidner Investment Services has acquired the Apartments at Steele Park  from an affiliate of LNR Partners L.L.C.  Weidner paid a per-unit rate of $90,395 for the 399-unit complex located at 411 East Indian School Rd., the Phoenix Business Journal reported. Cassidy Turley BRE Commercial executive vice [...]

In a $36 million deal, Weidner Investment Services has acquired the Apartments at Steele Park  from an affiliate of LNR Partners L.L.C.  Weidner paid a per-unit rate of $90,395 for the 399-unit complex located at 411 East Indian School Rd., the Phoenix Business Journal reported.

Cassidy Turley BRE Commercial executive vice presidents David Folger and Steven Nicoluzakis, represented Miami-based LNR Partners, according to azcentral.com, the Arizona Republic’s Web site. Weidner represented itself.

Weidner’s previous multi-family investments in Phoenix include a pair of properties purchased last July for $4.3 million and the Ocotillo Springs complex in Chandler, acquired in Aug. 2010 for $24.7 million.

Developed in 1999, the Apartments at Steele Park complex includes such amenities as two swimming pools, a fitness center and spa, business center, picnic area and gated private entry.

Image courtesy of  steeleparkapts.com