Knightvest Sells 292-Unit Multifamily Property In Downtown Phoenix To ColRich For $62.3M

The asset involved in the transaction is a multifamily property located at 11 South 12th Street in Phoenix, AZ. The sale occurred for a total price of $62,300,000, comprising 292 units, resulting in a price per unit (PPU) of $213,356.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $62,300,000
• Address: 11 South 12th Street
• Market: Phoenix, AZ
• Units: 292
• Price Per Unit: $213,356
• Buyer: Knightvest
• Seller: ColRich
• Brokerage Firm: CBRE
• Mortgage Brokers: Trevor Breaux & Troy Tegeler - CBRE

The deal was facilitated by brokers Matt Pesch, Asher Gunter, Sean Cunningham, and Austin Groen from CBRE. This transaction showcases Knightvest's divestiture of the Mason Oliver property to ColRich, reflecting ongoing activity in Phoenix's multifamily market, which continues to lead in absorption rates across the U.S.