Sherman Residential Re-Enters Phoenix Multifamily Market with First Acquisition in 15 Years
PHOENIX – (September 19, 2024) – CBRE negotiated the sale of Vela on Camelback, a 237-unit Class A multifamily community in the Camelback Corridor submarket of Phoenix. CBRE's Asher Gunter, Matt Pesch, Sean Cunningham, and Austin Groen represented the seller, Pacific Development Partners (PDP). Sherman Residential acquired the community for $72.05 million, the company's first acquisition in the Phoenix market in 15 years.
"Vela on Camelback is an institutional-quality community with a desirable infill location and excellent surrounding employment. Sherman Residential selected an outstanding asset for their first Phoenix acquisition since 2009," said Gunter, vice chairman and managing director of the Southwest region at CBRE. "Phoenix remains a top market for multifamily sales activity, signaling continued investor confidence in Phoenix's population growth and job growth. Significant appetite and capital exists for well-located, Class A communities like Vela on Camelback."
Completed in 2018, Vela on Camelback features wrap construction, wide, air-conditioned hallways, condominium-quality unit interiors and resort-style amenities, including a sky deck overlooking Piestewa Peak and Camelback Mountain, a pool and spa area with a barbecue pavilion, a club-style fitness center, a resident lounge with a chef-inspired community kitchen, a dog wash and fenced dog run, gas grills in outdoor courtyards and 24-hour package lockers.
"Phoenix has been a target for our acquisitions team, and we are excited to re-enter the market with Vela on Camelback," said Sherman Residential's Vice President Garrett Salk. "Phoenix is one of the hottest markets in the country for multifamily demand, and we are exploring additional investment opportunities in the region."
Sherman Residential has owned over 85 properties and just celebrated 100 years in the real estate business. The family-owned company, headquartered in north suburban Chicago, has successfully managed an extensive nationwide portfolio of multifamily properties since 1922.
PDP is a privately held, diversified, commercial, and multifamily real estate investment and development company based in Los Angeles. Since its inception, PDP has acquired and developed more than 100 properties comprising more than 3.9 million sq. ft. of commercial property and 3,200 multifamily units with a total portfolio value of $2 billion.