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High-End Phoenix Apartments Sell for $152M
Morgan Group sold the Pearl Biltmore luxury apartment community in Phoenix for $152 million. The property at 24th and Highland was bought by Covenant Capital from Nashville. The 472-unit Pearl Biltmore property opened in February 2021 and includes two outdoor pools and a two-story fitness center.
Pearl Biltmore contains 19 floor plans in a mix of studio, one-, two- and three-bedroom apartments, including several loft-style units. The five-acre property is surrounded by more than 7.4 million square feet of Class A office space, medical offices, resorts, and numerous retail and dining destinations, including Biltmore Fashion Park.
In its history, MORGAN has built or acquired over $3 billion of multifamily assets, consisting of over 20,000 units. Currently, the company’s owned and managed portfolio consists of more than 10,000 units across Texas, California, Arizona, Colorado and Florida.
- ◦Sale/Acquisition
