The ORION Multifamily Group of Orion Investment Real Estate is pleased to announce the closing of the 196-unit “Class A” Painted Trails Apartment Homes – for $25,750,000 ($131,378 per unit). Wasatch Premier Communities originally purchased the property in 2009 as a lender short sale for $15,680,000 ($80,000 per unit). Alon Shnitzer and Eddie Chang with the Orion Multifamily Group lead their team in this transaction.
“The area around the Phoenix-Mesa Gateway Airport has seen significant activity in recent times. Property owners and investors have been very bullish about the future prospects for the area and RK Properties. Looking to expand their portfolio to the East Valley, they found the Painted Trails to be an excellent fit for their fund requirements,” stated Eddie Chang with the Orion Multifamily Group.
“Overall this was a very smooth transaction. The seller was a repeat client that we had sold the property to in 2009 and it was a true pleasure working with the buyer, RK Properties,” stated Alon Shnitzer with the Orion Multifamily Group.
Painted Trails Apartment Homes is a 196-unit Class A multifamily property completed in 2008, located within the award winning master planned community of Power Ranch in Gilbert. Residents enjoy access to all community amenities including the community club house, parks, fishing lake and 26 miles of connected trails. The well maintained property has a great mix of one, two and three bedroom unit types, with an average square footage of 950. With easy access to the Loop 202, San Tan Village and Phoenix-Mesa Gateway Airport, the property provides the convenience of modern living with an array of businesses, shopping, restaurants, nightspots and travel options nearby.
Founded in 1988, Wasatch currently owns and manages more than 50 multifamily residential communities and approximately 3 million square feet of commercial space throughout the western United States. Wasatch also owns 17 venture companies that support its core real estate business. Wasatch has offices in Salt Lake City, Ut; San Diego, Calif.; Scottsdale, Ariz; and Bellevue, Wash. The firm and its subsidiaries maintain a real estate portfolio of more than $1.4 billion in assets and are among the top 30 largest owners of multifamily properties in the nation.The buyer, RK Properties is a privately owned company of William Rance King Jr., specializing in multifamily investments since 1976. RK Properties has transacted over $500 million in multifamily investments over the past 5 years and owns and operates over 1,200 units in the Phoenix market.
The seller in this transaction was Wasatch Premier Communities represented by the Orion Multifamily Group of Orion Investment Real Estate and the Buyer in the transaction, RK Properties, was represented by Robert Alexander of RK Properties.
Eddie Chang, Alon Shnitzer , John Kobierowski, Rue Bax, 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.
