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Phoenix Res Community Trades for $31 Mil

12/23/19

Revival Biltmore, a 258-unit apartment community in Phoenix, sold for $31.25 mil, or $121k/unit, in an all-cash transaction.

Units at Revival Biltmore include efficiency, studio, one-bedroom and two-bedroom plans. The apartments offer modern amenities such as upgraded cabinets, flooring, and fixtures and stainless-steel appliances. The community features beautiful landscaping, picnic areas, glistening swimming pools, guest parking, easy access to freeways and shopping, as well as access to public transportation.

Located at 2911 E. Indian School Rd, Biltmore Revival is in a high-demand rental market where rents increased 10.5% over the last year, according to CBRE Research. The property is situated near Arizona State Route 51, Interstate 10 and the Loop 202 freeway, which provide access to the greater Phoenix metro.

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke with CBRE represented the buyer, LP.PBV-2911 East Indian School Road LP, and the seller, Revival Biltmore, in the transaction.




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