Phoenix – The Valley’s largest apartment owner has bolstered its multi-family holdings in the Phoenix area with the $26.5 million ($78,869 per unit) acquisition of the 336-unit Orion at Hermosa Pointe apartments at 10002 N. 7th Street in Phoenix. A company formed by Weidner Apartment Homes in Kirkland, Wash. (Dean Weidner, principal) was the buyer, bringing its Valley multi-family holdings to 7,625 units in 22 communities. The seller was Orion-Posada Vallarta Associates LLC, a company formed by Orion Residential Advisors in Deerfield, Ill., (Daniel Gumbiner, pres.). The deal was brokered by Brad Goff and Dave Lord of Apartment Realty Advisors in Phoenix. County records show Hermosa Pointe Apartments LLC (Weidner entity) acquired the 7th Street apartments with a $19.875 million loan from PNC Bank. In December 2005, BREW reported Orion paying $23.55 million ($70,089 per unit) to purchase Orion at Hermosa Pointe (at that time called Posada Vallarta apartments). Continue reading
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