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Principal Asset Management Purchases 270-Unit Biltmore At Camelback In Phoenix For $97.35M
SOLD
$97,350,000
Arizona
See Similar DealsMultiFamily
Sold 04/06/2026
SOLD
Principal Asset Management Purchases 270-Unit Biltmore At Camelback In Phoenix For $97.35M
2625 East Camelback Road
See Similar DealsMultiFamily
Sold 04/06/2026
Summary
ARIZONA
Asset Type:MultiFamily
Transaction Type:Sale
The asset involved in this transaction is a multifamily property located at 2625 East Camelback Road in Phoenix, AZ. The property consists of 270 units and was sold for a total price of $97,350,000, which equates to approximately $360,556 per unit.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $97,350,000
- Units: 270
- Price Per Unit: $360,556
- Buyer: Principal Asset Management
- Seller: Heitman affiliate
- Date of Sale: 04/06/2026
- Address: 2625 East Camelback Road
- Market: Phoenix, AZ
Principal Asset Management acquired the 270-unit property from a Heitman affiliate. The transaction illustrates the ongoing activity in the multifamily sector within the Phoenix market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,191,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$345,863.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$461,488.67
Annual Debt Service$5,537,863.99
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