Greystar Acquires 412-Unit Multifamily Property in Phoenix
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Dec 18, 2019--
Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of high-quality rental housing properties, today announced the acquisition of the 412-unit Desert View Apartments in Phoenix on behalf of its real estate funds. The asset, which has been rebranded Avana Desert View, is located in North Scottsdale – a submarket defined by strong employment and demographic fundamentals. Greystar plans to enhance the resident experience and unlock embedded value through strategic capital investments and operational improvements.
“With the acquisition of Avana Desert View, we gain access to one of the area’s most desirable submarkets and add to our growing Phoenix portfolio, which now includes seven very well-located multifamily communities,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “We remain bullish on Phoenix due its sustained economic and job growth, and we expect it to be a top market for continued growth over the next five years. We look forward to leveraging our deep local market knowledge, operational expertise and financial capabilities to create value for our residents.”
Completed in 1996, Avana Desert View boasts exceptional visibility along East Bell Road, a major east-west artery, and benefits from its proximity to many of Phoenix’s premier retail, dining and entertainment venues. Moreover, the property is situated a short distance from I-51 and I-101, providing residents with easy access to the area’s major employment centers including Deer Valley, Desert Ridge, Paradise Valley Village and Downtown Phoenix. Importantly, an American Express campus that employs more than 7,500 people and the Scottsdale Airpark Employment Corridor, which employs more than 85,000 people, are located within four miles of the property.
The 380,000-square-foot Avana Desert View features generously sized floorplans with notable amenities such as in-unit full-size washers and dryers, spacious walk-in closets, private patios/balconies and fully equipped kitchens. Lifestyle amenities include two swimming pools and spas, ramadas with gas BBQ grills, a lighted sand volleyball court and a 24-hour fitness center. Greystar’s capital improvement plan calls for comprehensive updates to all 412 units including installing hardwood floors, replacing dated appliances and cabinets, and upgrading finishes.
As the nation’s largest apartment operator with over 525,000 units under management, Greystar will continue to leverage its local market expertise and deep industry relationships to identify attractive investment and management opportunities throughout the Phoenix area.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates an estimated $160 billion+ of real estate in nearly 200 markets globally including offices throughout the United States, UK, Continental Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing more than 500,000 units/beds, and has a robust institutional investment management platform with approximately $36.1 billion of assets under management, including nearly $14.2 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191218005420/en/
ICR on behalf of Greystar
KEYWORD: UNITED STATES NORTH AMERICA ARIZONA SOUTH CAROLINA
INDUSTRY KEYWORD: REIT OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Greystar Real Estate Partners, LLC
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PUB: 12/18/2019 09:00 AM/DISC: 12/18/2019 09:01 AM