EQT Exeter has sold a 365-unit apartment complex in downtown Scottsdale, Ariz. for $161.4 million in what appears to be the largest multifamily sale in the state so far this year. Carter was acquired by a venture between Kairoi Residential and German American Realty, a fund and investment manager specializing in residential rental properties in the United States.
CBRE's Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller.
"The Carter transaction illustrates the strong conviction from domestic and international capital for Class A apartment communities in A-plus locations," said Gunter.
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"Carter is our first acquisition in Phoenix and we are excited to add the community to our growing portfolio of generational Class A multifamily properties," said Kairoi Residential President of Acquisitions Madison Marceau. "The long-term demographic outlook for Phoenix and other Sunbelt markets remains strong and we will continue to invest in high-quality multifamily assets in prime locations in the region."
Carter was completed in 2018 and features studio, one- and two-bedroom floorplans averaging 863 square feet.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
