ARA facilitated the sale of Orion at Hermosa Pointe, located at 10002 N. Seventh Street in Phoenix, Ariz., for $26.5 million, or $78,864 per unit.
Brad Goff, Principal at ARA, brokered the deal. Dan Gumbiner from Orion Residential was the seller in the deal.
“The Hermosa Point property is truly one of the most unique 1980s vintage buildings in Phoenix,” said Goff. “Built into the North Mountain Preserve, the property has great views as well as hiking trails that begin literally at the property. Further, many of the units have 13-foot ceilings and townhouse units, amenities that were virtually unheard of in the 1980s.”
Weidner Apartment Homes purchased the 336-unit apartment complex. It is the company’s 23rd apartment acquisition in Phoenix. Weidner will also manage the property.
“Hermosa Point is one of the most desirable apartment properties in North Central Phoenix,” said Goff. “The Weidner group will do very well with this asset for years to come.”