Principal Financial acquired the 270-unit Biltmore at Camelback in Phoenix for $97.3 million. Heitman was the seller. Heitman paid $74.75 million ($276,852 per unit) to acquire the four-story complex in 2014. It was built in 2013.

The Biltmore at Camelback has units ranging from 628-1,074 square feet renting for between $1,600-$2,600 a month. Balcony and patio options are available. Amenities include a fitness room, pool, spa, cabana, grills, clubhouse and dry cleaning service.

Heitman is a global real estate investment management firm with $48 billion in assets under management. Founded in 1966, they have 10 offices worldwide and are active participants in three key segments of the global real estate and capital markets.