Business Real Estate Weekly by Rose Law Group
Phoenix – Heitman America Real Estate Trust (HART) in Chicago, Ill. paid $74.75 million ($276,852 per unit) to acquire the 270-unit Broadstone Camelback apartments located in the Biltmore area of Phoenix. The purchase price is believed to be the highest dollar amount per unit ever paid for a conventional apartment project in the Valley. The luxury multi-family community, located at 2625 E. Camelback Road, was sold by a venture formed by Alliance Residential Co. in Phoenix and AEW Capital Management L.P. in Boston, Mass. Maricopa County records show HART Camelback LLC (Heitman entity) purchased Broadstone Camelback in a cash sale. The selling entity was VIF II/Broadstone on Camelback LLC. The Alliance/AEW venture completed development of the four-story project last year and the units are now about 85 percent leased. Heitman, a privately-held real estate investment manager, controls $27.3 billion of assets in North America, Europe and Asia-Pacific. Continued
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