Morgan Group sold the Pearl Biltmore luxury apartment community in Phoenix for $152 million. The property at 24th and Highland was bought by Covenant Capital from Nashville.
Pearl Biltmore contains 19 unique floor plans in a mix of studio, one-, two- and three-bedroom apartments, including several loft-style units. The five-acre property is surrounded by more than 7.4 million square feet of Class A office space, medical offices, resorts, and numerous retail and dining destinations, including Biltmore Fashion Park. Less than a mile from State Route 51, the site offers convenient access to downtown and Phoenix Sky Harbor International Airport.
Premium Pearl amenities at the Pearl Biltmore include luxury vinyl plank flooring in living areas; Nest thermostats; full-size balconies or patios; open kitchens with stainless steel appliances, under cabinet LED lighting, Quartzite countertops and glass tile backsplash; Quartzite countertops and backsplash in the bath area, as well as LED backlit mirrors. Select residences have skyline views, walk-in closets, movable kitchen islands, walk-in glass showers, and spa soaking tubs.
Outside the units, the property features more Pearl extras, such as a two-story fitness center with a cardio/strength training area and fitness-on-demand studio; a clubroom with lounge seating and media wall; two resort-style pool decks with grill stations, cabanas and bistro seating; a scenic sky lounge with an indoor/outdoor catering kitchen, media wall and Wi-Fi counter; a co-working lounge with a computer bar, printer station, refreshment center and private office pod; a bark park with pet wash area; a bike storage room with repair tools; and 24/7 package retrieval.
Covenant Capital Group is a real estate value-add investment manager with an exclusive focus on the acquisition and renovation of apartment communities. Covenant focuses on revitalizing properties into premier, institutional quality assets. Covenant Capital Group endeavors to create value for our stakeholders through a disciplined value-add investment approach that considers environmental, social, and governance best practices in its real estate funds. Covenant commits to include ESG values in the course of its due diligence, asset management, and risk management processes.
In its history, MORGAN has built or acquired over $3 billion of multifamily assets, consisting of over 20,000 units. Currently, the company’s owned and managed portfolio consists of more than 10,000 units across Texas, California, Arizona, Colorado and Florida. Morgan has fostered valuable relationships and strategic partnerships for over 60 years and attributes much of its success to its family values and entrepreneurial, team-oriented culture.
