PHOENIX, AZ - Weidner Apartment Homes, a real estate investment and property management company, expanded its Phoenix, AZ, multifamily portfolio with its latest acquisition of Joy on 4th Apartments. The sale was conducted on Tuesday, May 16, 2023, and Institutional Property Advisors represented the seller. The community was previously named 700 North 4th Apartments, and after acquiring the property, Weidner renamed it Joy on 4th Apartments to evoke a greater sense of warmth.
Joy on 4th is a 27-story high-rise mixed-use development built in 2022 with 234 units. The community sits on 0.32 acres with 150,516 rentable square feet and 2,867 square feet of retail space between two commercial suites. Joy on 4th Apartments is Weidner’s 28th community in the greater Phoenix metroplex, and this acquisition increases its share of the area’s rental market to 9,382 units.
Joy on 4th is located at 700 North 4th in the Innovation Corridor, one of Phoenix’s growing and highly-desirable neighborhoods. It also shares a property line with Weidner’s other community, Proxy 333 Apartments, and is less than half a mile from Weidner’s two communities, Skyline Lofts Apartments and Roosevelt Row Apartments. Adding Joy on 4th to Weidner’s downtown Phoenix portfolio strengthens its presence to 1,000 units in the neighborhood.
The Innovation Corridor is Arizona’s largest economic sector, and the area holds more than 171,000 professionals and 1,800 businesses. Leading employment prospects include Dignity Health, Bank of America, Freeport McMoran, Wells Fargo, Arizona State University, and CenturyLink. Residents are also two blocks from the Roosevelt Row District, known for great retail and dining offerings, and major downtown entertainment venues, like Chase Field, Cityscape, and Herberger Theater Center.
Joy on 4th offers 17 floor plans of studio, one, two, and three-bedroom layouts ranging between 374 to 1,078 square feet with an average unit size of 643 square feet. Each unit features top-of-the-line finishes, including gourmet kitchens, in-unit laundry, wood-style vinyl flooring, and smart closets. The community’s class-A amenities are spread between the mid-level amenity deck, the rooftop amenity deck, and the sky lounge. Some highlights include a state-of-the-art fitness center and yoga studio, numerous indoor/outdoor lounges, and a rooftop pool. There is an on-site parking garage with 123 spaces, and the property is a pet-friendly community.
Weidner Apartment Homes is the exclusive property owner and manager of Joy on 4th Apartments. The team is excited to manage another multifamily community to contribute to Phoenix residents’ quality of life.
About Weidner Apartment Homes: Founded by W. Dean Weidner in 1977, Weidner Apartment Homes is a real estate investment and management company, recognized industry-wide as an efficient provider of quality rental homes and a creative developer of new housing. To provide the benefits of regional and economic diversity, their properties are located in Alaska, Arizona, Arkansas, California, Colorado, Minnesota, North Dakota, Oklahoma, Texas, Utah, Washington, Wisconsin, and Canada. The company is headquartered in Kirkland, WA. For additional information, visit www.weidner.com or e-mail info@weidner.com