Knightvest Picks Up 412-Unit Scottsdale Rental Community

Knightvest Capital acquired Avana Desert View, a 412-unit apartment community in Scottsdale.

The property offers one—to three-bedroom units with an average overall size of 933 square feet. The community is currently 97.3 percent occupied. Amenities at Avana Desert View include a fitness center, two swimming pools, a volleyball court and a playground. All units include washers, dryers and microwaves.

Commercial Edge reports the property has, in recent years, been subject to a $64.7 million CMBS loan with Citibank as the lender. The variable interest loan, with a maturity date in 2030, was put on the servicer’s watch list in October 2024. The property last traded in 2019 for $96 million when Greystar bought it from IMT Capital. In 2016, IMT bought the asset for $68 million from Angelo Gordon & Co.

Knightvest plans to undertake renovations at Avana Desert View, which was originally developed nearly 30 years ago.

Institutional Property Advisors executive managing directors Steve Gebing and Cliff David brokered the sale. Brian Eisendrath, Cameron Chalfant, and Tyler Johnson of IPA Capital Markets arranged financing.