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Sign in Sign up for a FREE subscriptionClarion Partners sells multifamily asset sale in Phoenix for $187m
Clarion Partners announced the sale of Desert Club, a 497-unit multifamily asset in Phoenix. The property sold for $187.5 million, or $377,264 per unit.
IPA the seller and procured the buyer, Weidner Apartment Homes.
The Kierland Corridor and Scottsdale Airpark, which form one of Arizona’s largest employment concentrations, are nearby. The area is home to companies such as Mayo Clinic, Vanguard Group, Nationwide Insurance and American Express.
Built in 2004 on 21 acres, Desert Club is a garden-style multifamily asset with a heated, resort-style swimming pool and spa. Apartments have open-concept floorplans, nine-foot ceilings and arched entryways. The average unit size is 983 square feet.
