Phoenix Business Journal
February 7, 2011
Weidner Apartment Homes, a major new player in the local multifamily market, has purchased a large apartment complex, the Peaks at Papago Park. Weidner paid $46 million for the 768-unit complex located at 815 N. 52nd St. in Phoenix. Weidner is based outside of Seattle in Kirkland, Wash. It has purchased more than 3,000 units in Phoenix and Tucson in the past year.
The seller, the Carter Family Estates in Santa Ana, Calif., was represented by a private broker. Weidner was represented by Orion Investment Real Estate Solutions in Scottsdale.
According to Orion broker Rue Bax, the sale is the largest in terms of purchase price since 2009 and the largest in terms of apartment size since 2008