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June 15, 2024
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Phoenix Multifamily Community Sells for $37 Mil


Clarendon Park, a 138-unit multifamily community in Phoenix, sold for $37 mil, or $268k/unit. The buyer was WhiteHaven, a Phoenix-based private equity firm.

Clarendon Park features a mix of one- and two-bedroom apartment homes. The community has recently upgraded amenities, including a refreshed fitness center, remodeled resident clubhouse and leasing center, updated pool area, new package lockers and a dog park.

The property's midtown location is surrounded by the largest concentration of jobs in metro Phoenix, as well as dozens of restaurants and retail destinations within walking distance of Clarendon Park, and a Valley Metro light rail station is one block east of the community.

The community will be rebranded to Haven at Midtown, and Greystar will oversee management and leasing. CBREs Matt Pesch, Austin Groen, Jeff Seaman and Bryson Fricke represented the seller on the transaction. Anthony Valenzuela, also with CBRE, arranged the deal's financing.

"This successful transaction is a strong bellwether for the Phoenix multifamily market," said Pesch. "Economic fundamentals in Phoenix remain extremely healthy, bolstered by nation-leading population growth and excellent employment expansion. Demand for quality multifamily communities is very high with over 6,600 units of positive net absorption through the first half of the year, and the market is positioned to continue outperforming."

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