Phoenix Multifamily Property Fetches $268K per Unit
Clarendon Park, a 138-unit multifamily community in Phoenix, sold for $37 mil, or $268k/unit. The buyer was WhiteHaven, a Phoenix-based private equity firm.
The community has recently upgraded amenities, including a refreshed fitness center, remodeled resident clubhouse and leasing center, updated pool area, new package lockers, and a dog park.
Clarendon Park will be rebranded to Haven at Midtown, and Greystar will oversee management and leasing. CBRE’s Matt Pesch led a team representing the seller on the transaction. Anthony Valenzuela, also with CBRE, arranged the deal’s financing.
“This successful transaction is a strong bellwether for the Phoenix multifamily market,” said Pesch. “Economic fundamentals in Phoenix remain extremely healthy, bolstered by nation-leading population growth and excellent employment expansion. Demand for quality multifamily communities is very high with over 6,600 units of positive net absorption through the first half of the year, and the market is positioned to continue outperforming.”
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.