CIRI Land Development Co. (CLDC) and Dean Weidner of Weidner Apartment Homes recently purchased The Peaks at Papago Park, a 768 apartment-unit complex, for $46 million. The property is located on 29 acres in Phoenix, Ariz., and is the third property purchased by the CIRI/Weidner Apartment Homes partnership. The partnership has also acquired two multifamily properties in Tucson, Ariz.
The Peaks at Papago is located less than four miles east of the recently purchased Monterra Apartments, but provides additional value to tenants due to its proximity to sought-after Phoenix area amenities. It shares property lines with Papago Park, a 1,500-acre site that contains the Phoenix Zoo, a desert botanical garden, several small lakes, hiking trails, bike paths, picnic areas, a museum, baseball and softball fields and two golf courses.
The Peaks at Papago features spacious interiors and lush tropical gardens. Other Arizona properties owned by CLDC and Weidner Apartment Homes include The Retreat at Speedway and Tierra Vida in Tucson, Monterra Apartments in Phoenix and Ocotillo Springs in Ocotillo, Ariz. CIRI is a partner with Weidner Apartment Homes in these properties. Weidner Asset Management manages the properties for the partners.
Weidner Apartment Homes is a real estate investment, development and management company that specializes in multifamily rental housing. CIRI chose Weidner Apartment Homes for its solid company performance history and portfolio of well-maintained and managed apartment homes. Weidner Apartment Homes owns properties in Alaska, Colorado, Texas, Washington, British Columbia, Alberta, Saskatchewan and Manitoba. To learn more about Weidner Apartment Homes visit www.weidner.com.