The sale of the 832-unit multifamily community Heritage at Deer Valley for $178.5 million was the highest sale price for a single multifamily community in Phoenix history. The buyer was Salt Lake City-based Millburn & Company.
Built in two phases in 1996 and 2000, the property consists of one-bedroom (44 percent), two-bedroom (42 percent) and three-bedroom (14 percent) units in all three-story buildings at 3010 W Yorkshire Dr.
“Heritage at Deer Valley provides an excellent basis for our value-add platform, and we are bullish on Phoenix’s growth potential,” said Jed Millburn, CEO of Millburn & Company.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Priderock Capital Partners.
“At 832 units, Heritage at Deer Valley was an excellent opportunity to acquire immediate scale in an out-performing submarket,” said Pesch. “The community is well-positioned and has strong upside potential.”
The average multifamily rent in Deer Valley increased 4.1 percent year-over-year in fourth quarter 2020 and vacancy decreased by 30 basis points to 4 percent, according to CBRE Econometric Ad
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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