Knightvest Capital has paid $155 million for Accolade, a 548-unit multifamily asset in Phoenix. The seller was Weidner Apartment Homes.
The transaction is one of the top five largest multifamily sales on record in Arizona by total purchase price.
“Accolade’s strategic North Phoenix location offers a diverse employment base in a high-barrier-to-entry submarket,” said Steve Gebing, executive managing director at Institutional Property Advisors (IPA). “With only four multifamily properties constructed since 2010 within a three-mile radius, Accolade is primed for a common area and apartment interior renovation program.” Gebing and Cliff David, IPA executive managing director, represented the seller and procured the buyer.
Located near the intersection of Bell Road and Central Avenue, Accolade is accessible from three of Phoenix’s most-traveled freeways: Interstate 17, Loop 101 and State Route 51. The Deer Valley and Interstate 17 employment corridors, wi
