PHOENIX — Weidner Apartment Homes has acquired The Reserve at Arrowhead, a 472-unit multifamily asset in Phoenix, for $64.5 million. The community is located at 7701 W. St. John Road.
Mark-Taylor Inc. developed the property between 1998 and 1999. The Reserve at Arrowhead is within walking distance of Arrowhead Towne Center, a 1.2 million-square-foot super-regional mall.
Notable employers in the area include Joseph’s Westgate Medical Center, Luke Air Force Base, AAA, the City of Glendale, Honeywell, Humana Healthcare, Midwestern University, Conair Corp. and the Thunderbird School of Global Management.
Steve Gebing and Cliff David of Marcus & Millichap’s National Multi Housing Group represented both the buyer and the seller, an institutional investment management firm, in this transaction.