Kaplan Plans New Apartments in Biltmore
Kaplan Acquisitions of Scottsdale acquired 150k SF of buildings on more than four acres at 4602 N 24th St for more than $13M, with plans to raze them and develop the 227-unit District at Biltmore apartments. Colliers International in Greater Phoenix SVP Jerry Tenge, who repped Kaplan, tells us that the developer plans to compete for tenants by including amenities that aren't found much in the Biltmore area, such as 12-foot ceilings in all first-floor units, a pet spa and fenced dog park, and a bicycle storage and repair station.
Colliers International brokered the off-market transaction in less than nine months. Colliers VP Kim Soulé repped the seller, and notes that “this was a very emotional transaction for the seller, as it owned the property since the 1940s and served the community through its operations there for over 50 years," but the increasing costs to maintain the services and building were too high to keep it going.