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6/07/24
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In a sizable institutional res buy in Arizona, a venture between Kairoi Residential and German American Realty, a fund and investment manager specializing in residential rental properties in the United States, acquired Carter, a 365-unit asset in downtown Scottsdale. The property, which was sold by EQT Exeter, traded for $161.4 mil, or $442.2k/unit.
Completed in 2018, Carter features studio, one- and two-bedroom floorplans averaging 863 sf in size. Each unit features nine-foot to 11-foot ceiling height, wood-style flooring, stainless steel appliances and full-size washer and dryers.
Prominently located on Scottsdale Rd, Carter's luxury amenities include a resort-style swimming pool with a poolside kitchen and dining area, separate outdoor lounges with space for dining and a fireplace, a state-of-the-art fitness center with a separate spin and yoga room, a contemporary clubhouse, business center, and dog park.
CBRE's Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller in the transaction. According to CBRE, this deal marks the largest multifamily sale in Arizona year-to-date.
"Since it was originally developed, Carter has been and remains a best-in-class asset and proves that in times of limited transaction volume due to capital markets and economic uncertainty, well-located apartment communities in the right submarket, built with the right property characteristics and occupied with a resilient resident demographic, remains among the most attractive multifamily opportunities today," said Field Stern, EQT Exeter Managing Director and Head of U.S. Multifamily Investments.
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