Priderock Makes Record Buy in Phoenix

The company purchased the 832-unit Heritage at Deer Valley for $125.5 million, the highest price ever paid in Phoenix for a single community.
Heritage at Deer Valley
Heritage at Deer Valley

Priderock Capital acquired the Heritage at Deer Valley apartment community from IMT Capital for $125.5 million. This purchase marks the largest overall price for one property in Phoenix apartment history. 

The 832-unit community comprises one-, two- and three-bedroom floorplans ranging from 658 to 1,293 square feet. Featuring 37 three-story buildings, Heritage at Deer Valley was built in two phases in 1997 and then 2001 at 3010 West Yorkshire Drive. According to Yardi Matrix, the community is currently 90 percent occupied, with rents ranging from $910 to $1,405. Interior features include washer/dryers in all units, monitored security, high ceilings and private balcony/patios.

Residents have access to amenities such as:

  • fitness center
  • business center
  • clubhouse
  • playground
  • volleyball court
  • two swimming pools
  • spa
  • outside storage
  • 832 parking spaces

The  sale was subject to an $87,850,000 loan, dated September 29, 2017, held by Freddie Mac. The loan maturity date is due on October 1, 2032. IMT previously purchased the property from Sterling American Property in September 2015 for $100.5 million. 

Image courtesy of Yardi Matrix