IMT Acquires Phoenix Community
CBRE represented the seller, a national multifamily investor and operator.
Real estate investment firm IMT Capital and its affiliated property management firm IMT Residential have acquired Marquis at Desert Ridge, a community situated in the Desert Ridge neighborhood in north Phoenix.
The community is a 370-unit property situated on approximately 13 acres. IMT has rebranded the property under the new name IMT Desert Ridge.
IMT Desert Ridge last traded hands in 2015, Yardi Matrix data shows. CWS Capital Partners acquired the community for $77.5 million with a loan originated by Berkadia.
Completed in 2014, the property offers one- and two-bedroom residences. Features and finishes include wood-style plank flooring, quartz countertops in kitchens and baths, stainless steel appliances, custom cabinetry with brushed nickel hardware and above-standard 9- to 14-foot ceilings.
Common area amenities include a resident clubhouse with an entertaining kitchen, billiard room and business center. A pool spa, business center and 640 parking spaces are also featured, the same data shows.
At the time of the sale the community was 92 percent occupied. CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller in the transaction.
Phoenix’s hot market
Metropolitan Phoenix is among the highest-performing multifamily markets in the U.S. The metro absorbed more than 26,000 units in 2024, according to data analyzed by CBRE.
Desert Ridge is one of the leading master-planned communities in Phoenix. The submarket enjoys high-wage employment, retail and recreation. In a prepared corporate statement, a CBRE official reported major employers are moving into north Phoenix and new homes are being built around the community.
Located at 21155 N. 56th Street in Phoenix, the four-story IMT at Desert Ridge places residents near an array of conveniences. Shopping centers within walking distance include High Street and Desert Ridge Marketplace. Four different institutions of higher learning are reachable within 18 miles: Paradise Valley Community College, Scottsdale Community College, Argosy University, and DeVry University, Arizona. Parks and recreation within about a seven-mile radius of the community include Cashman Park, Arizona Horse Lover’s Park, Reach 11 Recreation Area, Dynamite Park and Grovers Basin.
Earlier this month, Tower 16 Capital acquired a built-to-rent community, Yardly McDowell, in the West Valley of Phoenix. The 167-unit property was completed in 2023 and features one- and two-bedroom homes. Amenities include a pool, fitness center and large outdoor green spaces.
