Pillar Communities Picks Up Phoenix Asset for $76M
The company secured a nearly $42 million acquisition loan.
Pillar Communities has paid $76 million for Huxley Scottsdale, a 192-unit Class A multifamily property in Scottsdale, Ariz., according to Yardi Matrix.
Trammell Crow Co.’s residential arm, High Street Residential, in joint venture with PGIM Real Estate, developed and sold the property.
The buyer secured a $41.5 million loan originated by Nationwide Insurance Co., with a maturity date set for 2035, the same source shows.
Huxley Scottsdale is a five-story building at 8555 E. Raintree Drive. It came online last year, with ESG as project architect, Weitz as general contractor and Greystar as property manager. It includes one- and two-bedroom floorplans, ranging from 551 square feet to 1,235 square feet, with an average unit size of 763 square feet.
READ ALSO: Top 10 Emerging Multifamily Markets of 2025
Apartments include 10-foot ceilings, keyless home entries, stainless steel appliances, washers and dryers and private patios and balconies. Meanwhile, amenities at Huxley Scottsdale feature a fitness and yoga center, a swimming pool and spa center, a rooftop deck with barbecue area, business lounge, conference room with coffee bar and clubhouse. Additionally, the property also includes a pet spa, a grooming center and 285 parking spots.
Occupying 3 acres, Huxley Scottsdale is close to Arizona State Route 101 and Interstate 10, allowing easy access into the Phoenix metro area. With Scottsdale Airport nearby, the property is 11 miles from downtown Scottsdale, Ariz., 18 miles from Phoenix Sky Harbor International Airport and within 26 miles of downtown Phoenix.
Recent investments in Phoenix
The multifamily transaction volume in metro Phoenix reached $628 million as of April, according to a recent Yardi Matrix report. The average sale price per unit stood at $260,925, marking a 1.3 percent drop year-over-year, while the U.S. average value saw a 10.1 percent jump to $212,785 per unit. However, Phoenix’s average sale price per unit represented a 165 percent increase since 2015’s values, while the U.S. rate rose 83.4 percent.
Recent investments in the metro include Slate Asset Management’s acquisition of a six-property portfolio situated within metro Atlanta, Tampa, Fla., and Phoenix. The company paid $226.5 million for the 1,600-unit multifamily collection, that includes three communities in Phoenix.
TA Realty also made a noteworthy purchase. The company paid $61.5 million for a 240-unit luxury multifamily property, in a deal brokered by Institutional Property Advisors.
