Sherman Residential closed on a significant multifamily buy in Phoenix, paying $72.05 million for Vela on Camelback, a 237-unit ($304k/unit) Class A community. The property was sold by Pacific Development Partners (PDP).
Completed in 2018, Vela on Camelback features wrap construction, wide, air-conditioned hallways, condominium-quality unit interiors and resort-style amenities, including a sky deck overlooking Piestewa Peak and Camelback Mountain, a pool and spa area with a barbecue pavilion, a club-style fitness center, a resident lounge with a chef-inspired community kitchen, a dog wash and fenced dog run, gas grills in outdoor courtyards and 24-hour package lockers.
The purchase marks Sherman Residential’s first acquisition in the Phoenix market in 15 years. CBRE‘s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller in the deal.
“Vela on Camelback is an institutional-quality community with a desirable infill location and excellent surrounding employment. Sherman Residential selected an outstanding asset for their first Phoenix acquisition since 2009,” said Gunter, vice chairman and managing director of the Southwest region at CBRE. “Phoenix remains a top market for multifamily sales activity, signaling continued investor confidence in Phoenix’s population growth and job growth. Significant appetite and capital exists for well-located, Class A communities like Vela on Camelback.”
