Mortgage And Real Estate News

Sunday, July 10, 2011

Weidner fattens property portfolio

Metro Phoenix's most prolific buyer of financially stressed apartment properties has surpassed its goal of acquiring 5,000 apartments in the Valley.

Weidner Investment Services of Colorado Springs, Colo., started buying up multifamily-housing properties in Arizona in January with a stated goal of owning and managing 5,000 Valley apartments.

A recently completed purchase has pushed Weidner's Phoenix-area portfolio past that milestone, according to Jack Hannum, a commercial real-estate broker involved in the deal.

Hannum, a vice president at Transwestern, a commercial real-estate services firm in Phoenix, said his firm negotiated the sale of a 187-unit multifamily-property portfolio consisting of two communities, Silktree and Palmwood Terrace, both in the Arcadia area.

The purchase price was $4.3 million, he said.

Hannum and Bret Zinn, also a vice president at Transwestern, represented the seller, Blue Valley Apartments.

In just seven months, Weidner has become one of the Valley's largest multifamily-property owners, with 16 complexes under its ownership and management.

by J. Craig Anderson The Arizona Republic Jul. 9, 2011 12:00 AM





Weidner fattens property portfolio

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