Sherman Residential spent $72 million to acquire a 237-unit Class A Phoenix multifamily property, which was sold by Pacific Development. Originally built in 2018 at 4949 N. 7th Street, Phoenix, Vela on Camelback has been rebranded to Axis Camelback.
Since taking ownership last fall, Sherman Residential has completed a full exterior renovation with new paint, balcony restoration and a hand-painted mural of the Camelback range. Plans call for investing $600,000 during the first year, with updates in the 24-hour clubhouse, speakeasy lounge and sky deck with views of Camelback Mountain. Overall, the company has budgeted $1 million over the next five years, with plans to sell around that time.
CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller. The Phoenix Business Journal reports that when the transaction closed, Axis Camelback was 88% occupied.
Sherman Residential, a division of Benj. E. Sherman & Sons, Inc., is a family owned Chicago-based real estate firm that focuses on apartment ownership and management around the United States. We are best known for our commitment to maintaining beautiful apartment communities, our exceptional customer service and our outstanding investment opportunities which have generated excellent annual investor returns since 1990.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
