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Dallas-based Knightvest Capital acquired the 768-unit Red Mountain Villas apartment complex in Phoenix for $110M, which is about $143K/unit. The seller was Weidner Apartment Homes.
The property is among the top 10 largest multifamily assets in Arizona, according to Marcus & Millichap.
Developed in three phases between 1987 and 1996, Red Mountain Villas is on nearly 30 acres at 815 North 52nd St. The community features various amenities, including an oversized koi pond, six resort-style swimming pools and access to the Papago Golf Course.
“Submarket fundamentals, the rapidly increasing costs of multifamily construction, and escalating asking rents in neighboring submarkets make this asset a prime candidate for an exterior and interior renovation program,” Institutional Property Advisors Senior Managing Director Steve Gebing said.
Gebing, along with IPA Senior Managing Director Cliff David, represented the Kirkland, Washington-based seller and procured the buyer. IPA is a division of Marcus & Millichap.
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