PHOENIX-In what could be described as a very quick turnaround, Weidner Apartment Homes acquired the 192-unit Dunlap Square Apartments from a Sacramento, CA seller for $8.8 million. The entire process from contract to close took one week.
In an interview with GlobeSt.com, ORION Investment Real Estate brokers Rue Bax and Alon Shnitzer acknowledge that such a closing in seven days is very rare, and is the fastest they've experienced. "This was a unique situation," says Bax, who led members of the Orion Multifamily Group team that represented Weidner. "The sellers brought the opportunity to Alon, wondering if it could close by June 13. This was brought to our attention on June 6 at 5 p.m."
Shnitzer says the seller was familiar, as ORION had worked with the entity in the past. That relationship prompted the seller to contact ORION. "We really didn't have much time to fully market the product," Shnitzer explains. "So we made phone calls, with Weidner at the top of the list."
The brokers say Weidner liked the idea of buying Dunlap Square because it is located at 2323 W. Dunlap Ave. across the street from Acclaim Apartments at 2506 W. Dunlap, which Weidner already owns.
And Weidner was apparently very eager to own the property. "We made the call to them immediately, they had a contract back to us that night, and it was turned around the following morning, on June 7," Bax says. "They did their inspection on Tuesday (June 11) and we closed on Thursday (June 13)." Adds Shnitzer: "Not many people can make a decision that quickly and write a check on an almost 200-unit property."
Though Weidner is known for its acquisitions of class A properties in Phoenix, Shnitzer and Bax indicate it's not unusual for the Seattle-based buyer to add class B multifamily properties, such as Dunlap Square, to its portfolio. "These become complements to their class A properties," Bax says. "If renters can't find space in the A class, Weidner has sister properties they can be directed to." Weidner plans upgrades to Dunlap Square, which is 93% occupied.
Also involved with the transaction were ORION's John Kobierowski, Eddie Chang and Doug Lazovick.
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