A large apartment complex in northwest Phoenix has sold for $125.5 million, making it the biggest multifamily property sale in the region so far this year.
The 832-unit IMT Deer Valley, near Interstate 17 and Loop 101, was purchased by Florida-based Priderock Capital late last week, according to public real-estate records.
Part of the complex’s draw for renters and investors is its location near USAA’s huge Phoenix campus and PetSmart’s headquarters.
Rapidly rising rents in the Valley during the past few years is sparking an apartment building boom, with more than 10,000 units recently completed, under construction or planned.
San Francisco-based firm IMT Capital sold IMT Deer Valley, for which it paid $100.5 million in 2015, according to real-estate records.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE in Phoenix negotiated the IMT Deer Valley deal for the seller.
Andante, an upscale apartment complex in the Phoenix community of Ahwatukee Foothills, fetched $85.25 million in a sale to a group of Seattle investors in May. It was previously the Valley’s priciest apartment sale for 2017.