May 23, 2016
Kirkland, WA-headquartered Weidner Apartment Homes has acquired the 514-unit Desert Horizon Apartments from Waterton Residential, which is based in Chicago. The buyer secured a $53.3 million loan to purchase the multifamily property at 16636 N. 58th St. in Scottsdale, AZ.
The apartment community was developed in three phases between 1985 and 1988. During its four-year hold of the asset, Waterman invested approximately $5.6 million in exterior and interior capital improvements.
Financing was arranged by CBRE Capital Markets’ Debt & Structured Finance team. The 10-year, fixed-rate loan was provided by Fannie Mae. Troy Tegeler, Bethany Bailey and Trevor Breaux of CBRE’s Newport Beach, CA office arranged the financing.