Institutional Property Advisors (IPA) arranged the sale of Trailside at Hermosa Pointe, a 336-unit multifamily asset in Phoenix. The property traded for $91 million, or $270,833 per unit. Weidner Apartment Homes was the seller, Knightvest Capital, the buyer.

IPA’s Steve Gebing touts the deal, “Trailside at Hermosa Pointe is located within the dense employment base and thriving urban culture of North Central Phoenix in a submarket where no new multifamily assets of 100 or more units have become available since 2000. The acquisition gives new ownership the prospect of a blank canvas value-add opportunity.” The property is protected by state preserve land and steep grades. 

Trailside at Hermosa Pointe is a garden-style property built in 1984 on nearly 12 acres. Units have private patios or balconies and fireplaces. Common area amenities include three swimming pools, a two-story leasing office and clubhouse, a 24-hour fitness center, a shaded community playground, and covered parking.