The ORION Multifamily Group of ORION Investment Real Estate is pleased to announce the closing of the 192-unit “Class B” apartment project – Dunlap Square Apartments – for $8,800,000 ($45,833 per unit). The buyer, Weidner Apartment Homes is among the most experienced multifamily real estate operating companies in the United States and one of the largest multifamily owners in Arizona. “We are pleased to continue assisting Weidner Apartment Homes with their growth in the Phoenix Valley and helping them acquire an asset across the street from their “Class A,” Acclaim Apartments. This acquisition fit the buyer’s profile as it is a value-add asset near the new light rail extension route,” stated Rue Bax with the Orion Multifamily Group.
Dunlap Square Apartments is a 192 unit multifamily property built in 1984, located one block from the new Park and Ride light rail station right at 19th Avenue and Dunlap Avenue. The property has a great mix of one and two bedroom unit types. With easy access to Interstate 17, the property provides the convenience of modern living with an array of businesses, shopping, restaurants and nightspots nearby.
Weidner Apartment Homes was founded by W. Dean Weidner in 1977. Weidner Apartment Homes is a multi-faceted real estate investment and management company, recognized industry-wide as an efficient provider of quality rental homes and a creative developer of new housing. Their commitment to delivering value drives their vision to distinguish their company as the apartment leader in each of their markets. In order to provide the benefits of regional and economic diversity, their properties are located in: Alaska, Arizona, Colorado, Texas, Washington, and Canada, in the provinces of British Columbia, Alberta, Saskatchewan, and Manitoba.
The seller was a private partnership based in Sacramento, who acquired the property in 2006.
Rue Bax, Alon Shnitzer, John Kobierowski, Eddie Chang, and Doug Lazovick of ORION Investment Real Estate in Scottsdale negotiated the transaction. The ORION Multifamily Group was formed to provide clients with the most comprehensive and effective brokerage experience. A seasoned group of brokers was assembled with a combined track record consisting of over two billion in sales, 1,000+ transactions and collectively over 55 years of experience. The ORION Multifamily Group provides brokerage and advisory services to Arizona multifamily owners, developers, lenders and managers.