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Sherman Buys Camelback Rental Community
Sherman Residential spent $72 million to acquire a 237-unit Class A Phoenix multifamily property, which was sold by Pacific Development.
Originally built in 2018 at 4949 N. 7th St., Phoenix, Vela on Camelback has been rebranded to Axis Camelback.
The Phoenix Business Journal reports that when the transaction closed, the property was 88% occupied.
Since taking ownership last fall, Sherman Residential has completed a full exterior renovation with new paint, balcony restoration and a hand-painted mural of the Camelback range. Plans call for investing $600,000 during the first year, with updates in the 24-hour clubhouse, speakeasy lounge and sky deck with views of Camelback Mountain. Overall, the company has budgeted $1 million over the next five years, with plans to sell around that time.
Rents start in the $1,300s, with concessions available that could include eight weeks of free rent.
CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller.
- ◦Sale/Acquisition
