CBRE recently arranged the sale of the multifamily communities Ascend at Kierland and Elite North Scottsdale to The Ezralow Company for $312.5 million.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, a joint venture of Bascom Arizona Ventures and Pacific Life Insurance Company, according to a press release.
Built in 1996 and 1998, Ascend at Kierland, which has 364 units; and Elite North Scottsdale, which has 360 units; surrounded by the Westin Kierland Resort golf course, has unit interiors with luxury finishes from quartz countertops to new blinds and crown molding in the living and dining areas.
“The sellers invested significant capital to elevate the communities with new and refreshed amenities as well as renovating approximately 75 percent of the unit interiors,” said Gunter in the release.
“The unparalleled location on the golf course combined with the communities’ luxury amenities drives strong perpetual demand.”
Ascend at Kierland and Elite North Scottsdale feature recently upgraded luxury amenities including state-of-the-art fitness centers with separate spin and yoga rooms, renovated resident clubhouses, and resort-inspired heated pools.
Ascend at Kierland also features new amenities including a putting green, dog park, and electric car charging station. Elite at North Scottsdale has a new resort-inspired swimming pool, dog park, and package locker system, the release said.
Phoenix reportedly led all U.S. metros in rent growth in Q2 2021 with a 15.3 percent year-over-year increase, according to CBRE research, adding annual rent growth in north Scottsdale outperformed the metro average with a 16.9 percent increase.
“We have been focused on multifamily communities in Phoenix for many years and Ascend at Kierland and Elite North Scottsdale presented the opportunity to acquire immediate scale in one of the most affluent residential areas in the metro,” said Bryan Ezralow, The Ezralow Co CEOin a release.
“Phoenix is one of the strongest multifamily markets in the country and this acquisition is part of our strategy to acquire 2,000 to 3,000 units in Metro Phoenix over the next 12 months.”