Phoenix – A company formed by Weidner Apartment Homes in Kirkland, Wash. (Dean Weidner, principal) paid $10.4 million ($47,273 per unit) to purchase the 220-unit Paradise Falls apartments located at 15434 N. 32nd Street in Phoenix. The seller was Aslan Paradise Falls I LLC and Aslan Paradise Falls II LLC, both companies formed by Aslan Realty Group in Irvine, Calif. (Tom Rakow, Joseph Cahill, partners, John Schafer, pres.). The cash transaction was brokered through Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International in Phoenix. The complex was developed in two phases in 1986 and 1997. With the acquisition, Weidner Apartment Homes now owns 7,289 apartments in 21 Phoenix area properties. Since making its first Valley multi-family purchase 3½ years ago, the privately-held Weidner Apartment Homes has now invested almost $600 million in buying the Phoenix area communities. The company also owns seven apartment projects in Tucson totaling 1,385 units. Continue reading
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