Weidner Sells Phoenix Community for $37M
Weidner Apartment Homes sold Monterra Apartments Homes for $37.2 million after almost a decade of ownership. The buyer financed the acquisition through a loan.
Institutional Property Advisors, a division of Marcus & Millichap, has represented Weidner Apartment Homes in the $37.2 million sale of the 258-unit Monterra Apartments Homes in Phoenix. According to Maricopa County records, the buyer, Eaton Vance Investment Managers, has financed the acquisition through a $22.4 million, seven-year Freddie Mac loan originated by Walker & Dunlop.
According to Yardi Matrix data, the property had a 94.2 percent occupancy rate as of December. The gated community offers floorplans ranging from studio to three-bedroom apartments. Property amenities include a spa, 24-hour fitness center and on-site maintenance. The eight-building community is located at 1333 N. 24th St. and is easily accessible by most major freeways in the area. The Phoenix Sky Harbor International Airport is also nearby.
“Drawn to the area by the increasing number of well-paying jobs, the Valley’s 20-to-34-year-old age group—the prime renter cohort—is growing five times faster than the national rate,” said Steve Gebing, IPA’s senior managing director, in a prepared statement. “The rising number of renters should continue to drive apartment demand marketwide, and vacancy is expected to drop below 5 percent for the first time since early 2001.”
In December, IPA brokered the sale of Jefferson Riverside, a 371-unit luxury community in Las Colinas, Texas.
Image courtesy of IPA