Greystar Buys Phoenix Community for $96M

The multifamily giant picked up a 412-unit property from IMT Capital in Scottsdale, Ariz.

Avana Desert View

Greystar Real Estate Partners has boosted its multifamily portfolio in the Phoenix area by acquiring a 412-unit apartment community in Scottsdale, Ariz., from IMT Capital for $96 million, according to Yardi Matrix. The property, Desert View Apartments, is located at 17030 N. 49th St. in the North Scottsdale neighborhood northeast of downtown Phoenix.

The all-cash acquisition was subject to a $64.7 million Freddie Mac loan originated by Walker & Dunlop. Built in 1996, the asset has changed hands numerous times, with IMT Capital buying it from Angelo Gordon & Co. for $68 million in March 2016. The community, which is more than 97 percent occupied, has been rebranded Avana Desert View upon the most recent sale.

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The 44-building property sits on an 18.5-acre site and includes one-, two- and three-bedroom units with spacious walk-in closets and private patios or balconies. Amenities of the 380,000-square-foot property include a fitness center, two swimming pools and spas and a sand volleyball court.

Upgrades planned

Greystar said in a statement that it plans to unlock value through capital investments and operational improvements. The company will roll out comprehensive updates to all units including installing hardwood floors, upgrading finishes and replacing dated appliances and cabinets.

Avana Desert View is within 4 miles of an American Express campus with more than 7,500 employees as well as the Scottsdale Airpark Employment Corridor, a hub for corporate headquarters that is anchored by the Scottsdale Airport and employs more than 85,000 people.

Greystar is the largest apartment operator in the U.S., with 525,000 units under management. The company now has seven communities in the Phoenix metro area, including a trio of properties that it picked up from Acacia Capital in a $149 million portfolio transaction in November 2018: Avana Chandler and Avana River Ranch in the city of Chandler and Avana Gilbert in neighboring Gilbert.

Greystar’s portfolio in the metro also includes Avana Tempe (Tempe), Avana at the Pointe (Phoenix) and The Art on Highland (Phoenix).

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