PHOENIX-Weidner Apartment Homes continues its buying spree in the Phoenix area, adding the 298-unit Hampton Square Apartments to its burgeoning portfolio. The Seattle, WA-based buyer acquired the class A asset for $22.62 million from merchant builder Hampton Square LLC in an off-market transaction.

Weidner assumed a $20 million loan on the asset underwritten by Principal Commercial Funding LLC. With this buy, Weidner has acquired more than 6,000 units in the Phoenix and Tucson areas during the past 18 months.

Rue Bax with Orion Investment Real Estate Solutions tells GlobeSt.com Weidner was approached with the asset at 7205 W. McDowell Rd. because, for one thing, the company is the most active multifamily buyer in Phoenix these days. Bax, who represented the Las Vegas-based seller Inland Empire Builders Inc. and Heers Management, adds that Weidner also owns the nearby Bolero Apartments at 7725 W. McDowell Rd.

“We know they like the synergy of having properties in that particular submarket,” Bax says. Furthermore, he adds, given Weidner’s activity in recent months the buyer is a known entity, meaning a higher comfort level.

As for the seller, “they sold three assets last year, this is the fourth,” Bax says. “They’re builders, that’s what they do.” Bax goes on to say that Inland Empire is seeking out more opportunities and locations for development, with infill locations desirable.

Hampton Square Apartments was built in 2005 and is 93% occupied. The complex offers two- and three-bedroom apartments averaging 1,269 square feet.