Heitman Offloads Camelback Apartments After 12-Year Hold
Principal Financial acquired the 270-unit Biltmore at Camelback in Phoenix for $97.3 million. Heitman was the seller. Heitman paid $74.75 million ($276,852 per unit) to acquire the four-story complex in 2014. It was built in 2013.
The Biltmore at Camelback has units ranging from 628-1,074 square feet renting for between $1,600-$2,600 a month. Balcony and patio options are available. Amenities include a fitness room, pool, spa, cabana, grills, clubhouse and dry cleaning service.
Heitman is a global real estate investment management firm with $48 billion in assets under management. Founded in 1966, they have 10 offices worldwide and are active participants in three key segments of the global real estate and capital markets.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout