Weidner Apartment Homes has purchased an apartment rental property for $187.5 million.
According to the deal's broker, Institutional Property Advisors, which represented the seller Clarion Partners, the transaction was "the largest single asset multifamily sale in Arizona in over two years."
The property, called Desert Club features 497 apartments, with an average size of 983 square feet. The units come with nine-foot ceilings, arched entryways, and open-concept floor plans. First built in 2004, the garden-style offering on 21 acres also offers a spa and a pool.
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