DEAL OF DAY: Transwestern Arranges Off-Market $16.65M Sale in Rising Phoenix Market
- Jul 12, 2010
Phoenix– In a move that it says signals the emerging recovery of Phoenix’s multifamily market, Transwestern’s Phoenix office has successfully negotiated the sale of the Monterra apartment community in Phoenix for $16,650,000.
Transwestern arranged the sale of the property on behalf of Weidner Investment Services, which purchased it from Aslan Realty Group. Negotiating the sale for the buyer were the leaders of Transwestern’s Phoenix multifamily team: Vice President Bret Zinn and Vice President Jack Hannum.
According to Hannum and Zinn, Weidner Investment Services, based in Kirkland, Wash., plans to own the property on a long-term basis to take advantage of increasing net rental income and diminishing vacancies as the Phoenix market begins its recovery over the next 18 months.
Monterra consists of 258 units, totaling 207,290 square feet, and is positioned in a strong urban-infill location near the Loop 202 freeway.
“Weidner Investment Services acquired a solid, Class A community significantly below replacement cost in an area close to excellent employment opportunities and transportation,” says Zinn. “With Monterra poised to see solid increases in its net rental income, both parties participated in one of the smoothest and most professional sales we have ever conducted.”
Hannum notes that the sale follows two successive quarters of rising multifamily sales in the Phoenix market, indicating increasingly positive demand and activity in the area.
Transwestern identified the property as an off-market opportunity that had been marketed in the past, and proactively negotiated an offer on behalf of Weidner Investment Services to Aslan Realty Group,” says Hannum.
At 1333 N. 24th Street, Phoenix, Monterra enjoys proximity to central Phoenix, Sky Harbor International Airport, Scottsdale, Tempe and the Camelback Corridor. It is adjacent to the Loop 202 freeway which is currently being widened.