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Dallas Investor Picks Up Phoenix MF for $110M
Dallas-based Knightvest Capital acquired the 768-unit Red Mountain Villas apartments in Phoenix for $110 million. The commercial real estate property was sold by Peaks at Papago Apartments LLC, an affiliate of Kirkland, WA-based Weidner Apartment Homes.
The purchase price was one of the largest multifamily deals recently recorded in the market, and the buyer’s second Arizona investment. The high water mark is Priderock Capital Partners LLC’s $125.5 million acquisition of The Heritage at Deer Valley in Phoenix.
The Red Mountain Villas is located at 815 N. 52nd St., and was acquired with a $93.039 million Fannie Mae loan issued by Berkadia Commercial Mortgage LLC. The complex was developed in three phases in 1987, 1988 and 1996.
Marcus & Millichap’s Steve Gebing and Cliff David brokered the deal.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

