Arizona

PHOENIX – The 312-unit Arboretum at South Mountain apartment complex in Phoenix has sold to an unnamed buyer for $45.5 million. The community is located at 15251 S. 50th St. in Ahwatukee Foothills, an urban village adjacent to South Mountain Park in Phoenix. Arboretum at South Mountain is situated near Interstate 10, U.S. Route 60, Loop 101 and the upcoming Loop 202 expansion. Notable employers in the area include Intel, Verizon Wireless, Honeywell, Avnet and Insight. Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap’s National Multi Housing Group represented the unnamed seller and procured the buyer.

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.

MESA, ARIZ. — IMT Capital has purchased the 340-unit Sienna at Riverview apartment complex in Mesa for $53.8 million. The community is located at 711 N. Evergreen Road. It was developed in 1999. Marina Heights, Arizona’s largest office development, is currently being developed on the south bank of Tempe Town Lake, less than three miles from Sienna at Riverview. Steve Gebing and Cliff David of Marcus & Millichap’s National Multi Housing Group, represented both the buyer and seller, LCOR, in this transaction.