High-rise commercial buildings

Sub Markets

Property Sectors

Topics

Phoenix & Southwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Phoenix & Southwest  + Apartments  | 

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.”

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Connect With IPA’s GebingConnect With Weidner Apartment Homes

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., 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, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
New call-to-action
New call-to-action