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8/04/20
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In an institutional multifamily buy in Arizona, Knightvest Capital paid $62.5 mil for Signature Place, a 300-unit ($208.3k/unit) community in Tempe. The seller in the deal was Western Wealth Capital.
Located at 600 W. Grove Pkwy in south Tempe, Signature Place community amenities include two resort-style swimming pools, a fitness center, lighted tennis courts, and outdoor grilling areas. All units at Signature Place have nine-foot ceilings, fully equipped kitchens, full-size washers and dryers, and private patios. Select units have walk-in closets, dual vanities, and fireplaces.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented Western Wealth Capital in the transaction.
The Phoenix multifamily market posted a near-record low vacancy rate of 3.9% in Q1 2020 leading into the pandemic and the rate increased only 60 basis points to 4.5% at the end of the second quarter, according to CBRE Econometric Advisors.
Phoenix had the strongest one-year total return for multifamily investments out of the 29 largest U.S. metros in second quarter 2020. The region’s 10.5% one-year return was comprised of 5.5% appreciation return and 5.0% income return, according to the National Council of Real Estate Investment Fiduciaries (NCREIF).
Founded in 2007, Knightvest has become a major player in repositioning multifamily assets, transforming more than 100 properties, and consistently delivering exceptional returns for investors and a better quality of life for residents.
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