“Phoenix rental rates are back to pre-2000 rent levels, and there will be a lot of upside as rents return to normal levels,” Anderson says. “Plus, this pricing is still substantially below peak pricing and replacement cost. It probably would have sold for $160,000 to $165,000 per unit during the peak.”

Weidner’s ability to close quickly won the deal for the firm. “Other buyers offered the same price as Weidner, but its terms were better,” Anderson says.

Ocotillo Springs offers a mix of one, two and three-bedroom units ranging from 741 square feet to 1,182 square feet. Rents range from $843 to $1,139 per month.

Individual units come in several contemporary floor plans with nine-foot ceilings, bay windows, private entryways, oversized patios and designer kitchens. It features a luxury amenity package including: numerous water features, two resort-style swimming pools, a state-of-the-art fitness center, an upscale clubhouse and leasing center and several spacious, open courtyards. The property was 98% occupied at the time of sale.

In addition to Ocotillo Springs, Weidner recently acquired Monterra, a 258-unit, class A apartment complex, for $16.7 million in an off-market transaction. And in July, the firm invested about $52 million in Indigo at Trianna and Barossa at Trianna, two class A apartment complexes in Peoria, AZ, totaling 732 units, and another $20 million to buy the 220-unit Sonoma Landing in Gilbert, AZ.

In a short period, Weidner has become one of the largest apartment owners in Phoenix, accumulating a portfolio with more than 2,500 units. The company also owns apartment communities in Alaska, Colorado, Texas and Canada.