PHOENIX-Business Real Estate Weekly of Arizona reports that Orion Residential Advisors of Deerfield, IL has ended its more than eight-year hold on the 336-unit Orion at Hermosa Pointe, selling it to Weidner Apartment Homes. The Kirkland, WA-based buyer paid $26.5 million for the class B apartment complex once known as Posada Vallarta Apartments.
GlobeSt.com reported in December 2005 that Orion Residential had acquired the multifamily property at 10002 N. 7th St. from the developer, Park West Properties, for $24 million. During its hold, Orion Residential repositioned the 1980s-built property.
The deal was brokered by Brad Goff and Dave Lord of Apartment Realty Advisors in Phoenix. Goff also brokered the 2005 transaction.
BREW reports that Weidner Apartment Homes is the Valley's largest multifamily owner, having invested more than $600 million in area properties during the past 3.5 years. To read more log on here.
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