Exclusive: Quarterra Sells Upscale Asset in Phoenix Area
Nationwide provided a $90 million acquisition loan.
Quarterra Multifamily has sold Residences Kierland, a 290-unit community in Scottsdale, Ariz., to MacNaughton, according to Yardi Matrix information.
Nationwide issued a $90 million, five-year loan for the transaction. This is the first time the property traded.
Located at 15825 N. 71st St., in a Difficult Development Area, the property came online in 2023 on roughly 4 acres. It sits next to The Westin Golf Course, with multiple dining and retail options along N. Scottsdale Road. Phoenix is some 20 miles southwest.
The six-story Residences Kierland encompasses one- and two-bedroom units ranging from 691 to 2,025 square feet. All units have washer/dryers, microwaves and digital locks, with some apartments also featuring balconies or patios.
Amenities at the pet-friendly, wheelchair-accessible community include a fitness center, business center, clubhouse, dog park, swimming pool and spa. Moreover, Residences Kierland has a multi-level, 475-space parking structure with EV charging stations.
Transaction activity slows amid uncertainty
Higher interest rates and economic uncertainty slowed down multifamily transaction activity. Through the end of last month, Yardi Matrix recorded $26.6 billion in deals across the U.S., down 10.7 percent from the $29.8 billion completed during the same period last year, according to the latest report from the data provider.
Despite the broader pullback, Phoenix continued to see large single-asset multifamily deals in the first half of the year. Among them was TerraCap Management’s $82.2 million acquisition of Tresa at Arrowhead Apartments, a 360-unit community in Glendale, Ariz., from Hamilton Zanze & Co.
