Heritage at Deer Valley sale highest in PHX history

By Real Estate Daily News

Phoenix, Arizona – CBRE arranged the sale of the 832-unit multifamily community Heritage at Deer Valley for $178.5 million ($214,543 per unit) to Salt Lake City-based Millburn & Company. The transaction represents the highest sale price for a single multifamily community in Phoenix history.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Priderock Capital Partners.

“At 832 units, Heritage at Deer Valley was an excellent opportunity to acquire immediate scale in an out-performing submarket,” said Pesch. “The community is well-positioned and has strong upside potential.”

Built in two phases in 1996 and 2000, Heritage at Deer Valley located at 3010 W Yorkshire Drive, consists of one-bedroom (44 percent), two-bedroom (42 percent) and three-bedroom (14 percent) units in all three-story buildings. Community amenities include three resort-style pools, two spas, two sand volleyball courts, a 24-hour fitness center, dance studio, resident clubhouse, two outdoor playgrounds, dog park, putting green and barbeque and picnic areas throughout.

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