PHOENIX-Weidner Investment Services has acquired the 258-unit Monterra, a class A apartment complex, for $16.7 million in an off-market transaction. The company bought the property from Aslan Realty Partners, a Chicago-based investment fund.

Monterra is the first of several multifamily acquisitions the Kirkland, WA-based company plans to make in the Phoenix metro area, according to Jack Hannum, a vice president with Transwestern’s local office. He and partner Bret Zinn, also a vice president with Transwestern, brokered the deal.

Weidner plans to add 3,000 units to its Phoenix portfolio over the next 18 to 24 months, according to Hannum. He tells GlobeSt. that he and Zinn first discussed the Weidner’s desire to invest in Phoenix multifamily while attending the National Multi-Housing Conference earlier this year. “They were looking for better quality product in a good location,” he says.