​Transwestern has negotiated the sale of a 187-unit multifamily portfolio, consisting of two Phoenix properties, Silktree and Palmwood Terrace, for a combined value of $4.3 million. Both properties are located in the Arcadia area of Phoenix.

Vice presidents Jack Hannum and Bret Zinn of Transwestern represented the seller, Blue Valley Apartments Inc., in the transaction. With this acquisition, the buyer, Weidner Investment Services, has crossed a milestone of 5,000 units owned in Arizona, spread among sixteen multifamily communities.

 
“Weidner is enthusiastic about the acquisition of Silktree and Palmwood Terrace,” says Hannum. “The prime infill location is expected to see strong rental growth as the multifamily sector continues to recover.”
 
The 86-unit Silktree and 101-unit Palmwood Terrace are located almost adjacent to one another in the Arcadia area of Phoenix, two miles north of the Loop 202 freeway and within walking distance of the Arcadia Crossing Shopping Center. Nearby employment centers within a three mile radius include Phoenix Sky Harbor International Airport, the Camelback employment corridor and Scottsdale Fashion Center. At closing, both properties were over 90 percent occupied.
 
About the Company
Transwestern is one of the largest privately-held commercial real estate firms in the United States. A diversified operating company, Transwestern is active in the real estate service, development and investment management businesses. Transwestern creates value for clients through innovation, penetrating market intelligence and legendary service delivered by teams of local market experts. The firm has product specialties including office, industrial, retail, multifamily and healthcare, as well as a research affiliate, Delta Associates. Transwestern leads the industry in sustainability and has received multiple ENERGY STAR® awards from the Environmental Protection Agency (EPA).