Greystar acquires 349-unit multifamily property in Phoenix
Greystar Real Estate Partners (Greystar) has acquired the 349-unit Crescent Highland on behalf of its real estate funds. The asset is located at 4626 N 16th Street in the Camelback Corridor, a sought-after urban neighbourhood favoured by young professionals.
“The acquisition of Crescent Highland complements Greystar’s strategy of acquiring high-quality assets in rapidly growing markets like the Camelback Corridor,” says Kevin Kaberna, Executive Director and leader of Greystar’s US Investment platform. “We were able to purchase a brand new product below true replacement cost, and we believe our plan to leverage Greystar’s operational efficiencies will allow us to maximise the property’s potential and capitalise on the neighbourhood’s enduring popularity.”
Completed in 2017, Crescent Highland is well positioned in the Camelback Corridor, which boasts one of the area’s most vibrant dining and entertainment scenes in Midtown/Uptown Phoenix as well as proximity to three major employment hubs representing approximately 192,000 jobs. The property has direct access to State Route 51 and is walking distance from over 30 restaurants and popular grocery stores.
Residences feature nine-foot ceilings with high-end interior finishes, including vinyl wood-style flooring, quartz countertops, under-mount sinks, vintage-inspired black appliances, and full-size washers and dryers. Crescent Highland’s top-of-the-line amenities include a resort-style pool and spa with a poolside kitchen and lounge, outdoor grills, and a two-storey fitness centre, as well as ground-floor retail including a craft beer restaurant.
As the nation’s largest apartment operator with 490,000 units under management, Greystar currently owns approximately 970 units in the Phoenix area and manages 24,560 more. Greystar will continue to leverage its local market expertise and deep industry relationships to identify attractive investments and management opportunities throughout the Phoenix area.