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Phoenix Apartments Trade for $187.5M
The brokers in the deal, Institutional Property Advisors (IPA), claim it’s the largest single-asset multifamily sale in Arizona over the past two years and one of the ten largest asset multifamily sales in the United States so far this year. The 497-unit Desert Club sold for $187.5 million, or $377,264 per unit. The project is just off Scottsdale Blvd. and Princess.
Steve Gebing and Cliff David represented the seller, Clarion Partners, and procured the buyer, Weidner Apartment Homes.
The development offers immediate accessibility to two of the area’s most renowned open-air retail centers, Scottsdale Quarter and Kierland Commons. The Kierland Corridor and Scottsdale Airpark, which form one of Arizona’s largest employment concentrations, are nearby. The area is home to companies such as Mayo Clinic, Vanguard Group, Nationwide Insurance, and American Express.
Built in 2004 on 21 acres, Desert Club is a garden-style multifamily asset with a swimming pool and spa. The average unit size is 983 square feet.
- ◦Sale/Acquisition
