Knightvest Capital Buys Accolade Apartments in Phoenix for $155M
The sales is among the top five largest sales in Arizona history by total purchase price.
Knightvest Capital has acquired Accolade, a 548-unit apartment community in Arizona for $155 million from Weidner Apartment Homes. The sale is among the top five largest transactions in Arizona history by total purchase price.
Accolade is in a prime location. The property is on 28 acres at the intersection of Bell Road and Central Avenue in Phoenix, making it accessible to the most frequently traveled freeways, Interstate 17, Loop 101, and State Route 51. It is located near several major employers, including Honeywell, Blue Cross Blue Shield, Waste Management of Arizona, Wells Fargo, USAA, Discover Financial Services, Cox Communications and PetSmart, and only four other apartment communities have been built in the area since 2010.
The property is well amenitized with four swimming pools and two spas, a clubhouse and an open-air conference area. Interior units have an average size of 856 square feet and feature full-size washers and dryers, wood-style vinyl flooring and carpet, walk-in closets and private patios or balconies.
Knightvest Capital has been increasing its exposure to the Phoenix market. Last year, it acquired Signature Place in South Tempe, AZ, for $62.5 million from Western Wealth Capital. The 300-unit multifamily community is located at 600 W. Grove Parkway and features two resort-style swimming pools, a fitness center, lighted tennis courts and outdoor grilling areas. The property’s units feature nine-foot ceilings, fully equipped kitchens, in-unit washers and dryings and private patios. Certain community units additionally offer walk-in closets, dual vanities and fireplaces.
The investor isn’t alone. Phoenix is a top multifamily investment market nationally. In the second quarter, it ranked third, according to research from CBRE, for the highest apartment transaction volume at $5.7 billion. Phoenix’s volume was three times more than it tallied in the first half of 2020 and 36% higher than the first half of 2019.
The city is among a select group of secondary markets to see a surge in growth during the pandemic. Atlanta, Dallas/Ft. Worth and Austin also topped the list. Dallas/Ft. Worth led the way in apartment investment in the first half with $7.7 billion changing hands. That represented 8.4% of total sales in the US.
Steve Gebing and Cliff David of Institutional Property Advisors represented the seller in the Accolade transaction, and procured the buyer.