Weidner Adds Chandler Complex to Growing Arizona Portfolio

By Camelia Bulea, Associate Editor

In a $27.3 million deal, an affiliate of Weidner Apartment Homes has acquired Dobson Towne Centre, a 240-unit luxury apartment property in Chandler. CBRE Group Inc. represented Weidner in the transaction, which was financed with a $20.7 million Fannie Mae loan.

The property previously traded in 2005, when it was acquired for $23.8 million by Archon Group L.P., an investment management company affiliated with Goldman Sachs & Co., Business Real Estate Weekly of Arizona reported.

The 11-year-old gated complex features:

• two swimming pools and spas with outdoor Wi-Fi service
• a designer clubhouse with a culinary station
• a 24-hour fitness facility and business center

Units include full-size washers and dryers, fully-appointed kitchens, built-in computer desks and walk-in closets. At the time of the sale, Dobson Towne Centre had an occupancy rate of 93 percent, according to the Phoenix Business Journal.

The Chandler property is among the 27 assets and nearly 8,000 units that Kirkland, Wash.-based Weidner has acquired in Arizona since entering the market in March 2010. This month Weidner is scheduled to close on a 256-unit property in Mesa.

All told, 20 of Weidner’s assets in the state are located in the Phoenix metropolitan area; the Tucson market accounts for the remainder. Weidner also owns properties in Washington, Alaska, Colorado, Texas and western Canada.

Photo rendering of the Dobson Towne Center apartments, courtesy of www.Rentmint.com