240-unit Dobson Towne Center to
its growing Phoenix portfolio.
CHANDLER, AZ-Weidner Investment Services continued widening its presence in the greater Phoenix region through its acquisition of the 240-unit Dobson Towne Centre. The Seattle buyer paid $27.3 million to Archon Group LP for the 11-year-old multifamily property.
Dobson Towne Centre, situated on approximately 15 acres at 1817 N. Dobson Rd., was built in 2001 and was 93% occupied at the time of sale. The property offers one-, two- and three-bedroom units ranging from 811 square feet to 1,198 square feet. Rents are between $767 and $1,287.
CBRE vice chairmen Tyler Anderson and Sean Cunningham, and senior associate Asher Gunter represented Archon Group.
Weidner, which currently owns 27 properties totaling 7,976 units in the greater Phoenix area, obtained an acquisition loan of approximately $21 million from Fannie Mae to buy the property. Berkeley Point Capital was the loan originator. Irving, TX-based Archon Group acquired the property in June, 2005 for approximately $13 million.