Clarendon Park, a 138-unit multifamily community in Phoenix, recently sold for $37 million or $268k/unit to WhiteHaven, a Phoenix-based private equity firm. The property has been upgraded with amenities such as a refreshed fitness center, remodeled resident clubhouse and leasing center, updated pool area, new package lockers and dog park. It will be rebranded to Haven at Midtown with Greystar overseeing management and leasing services. CBRE’s Matt Pesch led the team representing the seller on the transaction while Anthony Valenzuela arranged financing for it.
Pesch commented that “This successful transaction is a strong bellwether for the Phoenix multifamily market” citing economic fundamentals in Phoenix remain healthy due to nation-leading population growth coupled with excellent employment expansion leading to high demand of quality multifamily communities evidenced by over 6600 units of positive net absorption through first half of year thus far which suggests continued outperformance from market going forward.
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