240-Unit Phoenix Rental Community Sold to Draper and Kramer
The company paid $109 million for the 15-building Senita on Cave Creek apartment community. The unit price of the 240-unit complex comes out to $454,000 per apartment.
Rents start at $1,669 for floor plans that average a 1,000 square feet per unit. The project, which was built in 2018, has maintained a lot of its luster, “With its newer construction and best-in-class amenities, paired with a central location near job opportunities, leisure activities and local attractions, Senita on Cave Creek checks all the boxes in terms of features and lifestyle todays renters are seeking,” said Draper and Kramer’s Jack Bierwirth.
The amenities include a pool with cabanas, 24-hour fitness center, Peloton bikes, pet park and indoor wash station, bike storage and covered parking.
The Chicago-based company owns projects in Dallas, St. Louis and Chicago. This is their first foray into Arizona.
- ◦Sale/Acquisition