(PHOENIX, ARIZ.)— Institutional Property Advisors, a division of Marcus & Millichap, has sold Villas at Cave Creek to Weidner Apartment Homes. Details of the sale were not released, AZ Big Media reports.
The sale of the 696-unit multifamily property, located at 2529 West Cactus Rd., in Phoenix, is only an indicator of the strength of the city’s multifamily market, said Weidner Apartment Homes public relations director Greg Cerbana.
“We see more long-term opportunities for investment in this market and the Villas at Cave Creek offered Weidner all of the right ingredients for success, including outstanding access to transportation, incredible amenities, and it is well managed,” Cerbana said.
The property is located near one of Phoenix’s busiest thoroughfares—Interstate 17—and connects residents to downtown Phoenix, Sky Harbor International Airport, and the Deer Valley employment corridor.
Villas at Cave Creek features such amenities as four swimming pools, sun decks, a clubhouse with business center, fitness center, a cinema center, sports courts, barbecue pits, and covered parking.
Remodeled units feature resurfaced countertops, freshly-painted cabinets, new hardware, plumbing and two-tone themes throughout the apartment.
Weidner owns more than 30 multifamily properties in Arizona, a total of more than 10,000 units. The company is the 30th largest owner of apartments in the U.S.