Pacific Development Pays $117M for Phoenix Luxury Asset
- Mar 11, 2021
The Statesman Group has sold Montreux, a 335-unit luxury property within the 5,700-acre Desert Ridge master-planned community in Phoenix’s Northeast Valley. Pacific Development Partners picked up the asset for $117 million. Institutional Property Advisors brokered the transaction for the seller.
Heitman provided the buyer with a $77 million acquisition loan, Yardi Matrix shows. Developed by Statesman, the property at 5550 E. Deer Valley Drive came online in 2020. Wood Residential Services had taken over operations at the community last July, though Asset Living is the property manager following the deal.
Montreux has one-, two- and three-bedroom units with an average floorplans size of 1,058 square feet. Apartments have 9-foot ceilings and are equipped with sound isolation mechanisms and keyless entry systems. Community amenities include two heated swimming pools and spas, a rooftop terrace, a bocce ball court and electric car charging stations.
Located on an 8.5-acre site just off Arizona State Route 101, the community is 9 miles east of Interstate 17, while downtown Phoenix is roughly 20 miles away. The property is across the street from Sprouts Farmers Market’s corporate headquarters, and other major employers in the area include American Express, Vanguard, Nationwide and the Mayo Clinic Hospital.
IPA’s Executive Managing Directors Steve Gebing and Cliff David represented the seller and procured the buyer. Last December, the duo arranged the sale of another Arizona community. Element Property Co. acquired the 252-unit Port Royale in Sierra Vista, Ariz., in a $30 million deal.