Multifamily Market Shines as Office Market’s Summer Sun Sets
- Oct 01, 2011
Phoenix is following up the summer’s hot office hits with some cool autumn multifamily deals that would provide closure to those that missed out on deals like PetSmart. A new season is upon us, and the sector that’s doing the larger amount of damage is multifamily.
In one of the latest deals, Weidner Apartment Homes became the new owner of the Hampton Square Apartments after closing a $22.6 million deal. The 7205 West McDowell Road apartment complex was previously owned by developer Hampton Square L.L.C., an affiliate of Inland Empire Builders and Heers Management of Las Vegas.
Principal Commercial Funding L.L.C. provided Weidner with a $20 million loan to make the deal happen. The Phoenix Business Journal reported the new owner as saying it intends to hold the 93 percent-leased property for an extended timeframe. Weidner has been an active player on the multifamily scene in recent months, having acquired about 6,000 units in Tucson and the Valley during the past 18 months alone.
Also trading hands was Fountain Oaks, which Summit Equity Investments purchased from an unidentified seller for $8.3 million, or $37,054 per unit. The 1983-vintage residential community consists of 11 two-story buildings and sits on 7.5 acres of land.