After a twelve-year run, institutional investor Heitman has cashed out of the Biltmore at Camelback in Phoenix, selling the 270-unit community to Principal Financial Group for $97.3 million. The four-story complex, finished in 2013 and picked up by Heitman in 2014, becomes the latest big-ticket multifamily trade in the increasingly busy Camelback/Biltmore corridor.
Deal details
The Biltmore at Camelback, a 270-unit midrise, closed at a sales price of $97.3 million, according to ConnectCRE. Units are listed at roughly 628 to 1,074 square feet, with asking rents between $1,600 and $2,600 per month. On the amenities front, the property leans into resort-style living, with a fitness room, pool and spa, cabanas, grills, a clubhouse, and on-site…..