CBRE Negotiates Sale of Heritage at Deer Valley in Phoenix for $178.5 Million

CBRE arranged the sale of the 832-unit multifamily community Heritage at Deer Valley for $178.5 million to Salt Lake City-based Millburn & Company. The transaction represents the highest sale price for a single multifamily community in Phoenix history.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Priderock Capital Partners.

“At 832 units, Heritage at Deer Valley was an excellent opportunity to acquire immediate scale in an out-performing submarket,” said Pesch. “The community is well-positioned and has strong upside potential.”

Highest Sale Price in Phoenix History

Built in two phases in 1996 and 2000, Heritage at Deer Valley located at 3010 W Yorkshire Drive, consists of one-bedroom (44 percent), two-bedroom (42 percent) and three-bedroom (14 percent) units in all three-story buildings. Community amenities include three resort-style pools, two spas, two sand volleyball courts, a 24-hour fitness center, dance studio, resident clubhouse, two outdoor playgrounds, dog park, putting green and barbeque and picnic areas throughout.

“Heritage at Deer Valley provides an excellent basis for our value-add platform, and we are bullish on Phoenix’s growth potential,” said Millburn & Company CEO Jed Millburn.

The average multifamily rent in Deer Valley increased 4.1 percent year-over-year in Q4 2020 and vacancy decreased by 30 basis points to 4 percent, according to CBRE Econometric Advisors.

Millburn & Company is a privately held real estate investment firm based in Salt Lake City. The company portfolio consists of more than 8,000 multifamily units distributed across the United States, with a total market value in excess of $1.5 billion.

Priderock Capital Partners is a private multifamily asset manager based in West Palm Beach, Fla.

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