The ORION Multifamily Group of Orion Investment Real Estate announced the closing of the 256-unit Class A apartment project Pala Mesa Apartments in Mesa for $22.6M.
The buyer, Weidner Apartment Homes, is among the most experienced multi-family real estate operating companies in the U.S. and one of the largest multi-family owners in Arizona.
“We are pleased to help Weidner Apartment Homes continue their growth in the Southeast Valley,” said Rue Bax, Senior Vice President at ORION. “This sale marks Weidner’s second major acquisition in the area in the last 30 days. In early October, Weidner purchased the 240-unit Dobson Towne Center apartments for just over $27 million.
“This acquisition fit the buyer’s profile as it is a core asset on the light rail with a history of high occupancy due to its close proximity to Arizona State University.”
Pala Mesa Apartments is a 256-unit multi-family property built in 1999 by the developer-seller, located on the light rail right at the border of Mesa and Tempe. The property is a mix of 1-bedroom, 2-bedroom / 1-bathroom, and 2-bedroom/ 2-bathroom units.
With easy access to US 60, Loop 202 and Loop 101, the property provides the convenience of modern living with an array of businesses, shopping, restaurants and nightspots nearby.
The seller was a private company, Inland Empire Builders. Based in Las Vegas, it was motivated to dispose of Pala Mesa in order to free-up equity to acquire other assets.
Rue Bax, Alon Shnitzer, John Kobierowski, Eddie Chang, and Doug Lazovick of ORION Investment Real Estate in Scottsdale negotiated the transaction.
It is the sixth transaction the past two weeks negotiated by the ORION Multifamily Group.