Weidner Apartment Makes Biggest Multifamily Arizona Purchase in 2 Years with $188M Acquisition

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. 

The cost of the Phoenix property comes to about $377,264 per unit. 

“Unprecedented, 20-year consecutive institutional ownership is a testament to Desert Club’s differentiated physical attributes and the unrivaled appeal of North Scottsdale, Arizona’s most sought-after submarket,” Steve Gebing, executive managing director of IPA, said in a statement. 

“The setting offers immediate accessibility to two of the nation’s finest open-air retail centers, Scottsdale Quarter and Kierland Commons, featuring hundreds of high-end tenants that cater to a market-leading demographic base with average and median annual household incomes of $157,000 and $109,000, respectively.” 

Through the first six months of the year, EQT Exeter made the biggest sale of the year in Arizona after saying goodbye to a 365-unit Scottsdale apartment complex for $161.4 million. But at least the Desert Club deal is bigger than that one in 2024.