Phoenix & Southwest + Apartments | January 17, 2019

Weidner Divests Central Phoenix MF for $37M

Monterra Apartment Homes, a 258-unit multifamily property in Phoenix, traded hands for $37.2 million, which equates to $144,186 per unit. The seller was Weidner Apartment Homes, while the buyer was an unnamed institutional investment manager.

Built in 2001, the property is easily accessible from Loop 202, the South Mountain Freeway, Arizona State Route 51, and Interstate 10. Valley Metro light rail and Phoenix Sky Harbor Airport are nearby, and Arizona State University, Biltmore Fashion Park, Phoenix Country Club are within easy reach.

Marcus & Millichap Institutional Property Advisors’ (IPA) Steve Gebing, and Cliff David represented the seller and procured the buyer.

Gebing says, “Drawn to the area by the increasing number of well-paying jobs, the Valley’s 20-to-34-year-old age group—the prime renter cohort—is growing five times faster than the national rate. The rising number of renters should continue to drive apartment demand marketwide, and vacancy is expected to drop below 5% for the first time since early 2001.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.