CBRE Brokers $161M Scottsdale Apartment Deal

CBRE negotiated the $161.4 million sale of the 365-unit Carter in downtown Scottsdale, Ariz. CBRE says that represents the largest multifamily sale in Arizona year-to-date, at just over $440,000 a unit.

CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, the U.S. multifamily investment team from EQT Exeter. Carter was acquired by a venture between Kairoi Residential and German American Realty, a fund and investment manager specializing in residential rental properties in the United States.

The property, located on Scottsdale Road, was completed in 2018. Carter’s amenities include a swimming pool with a poolside kitchen and dining area, separate outdoor lounges with space for dining and a fireplace, a fitness center with a separate spin and yoga room, a contemporary clubhouse, a business center, and a dog park.

EQT Exeter is a global real estate investment manager with nearly $30 billion of equity under management. Kairoi and German American Fund has transacted $10.3 billion across 68,000 multifamily units in many cities and states nationwide.