A joint venture of Bascom Arizona Ventures and Pacific Life Insurance Co. has sold two luxury multifamily properties in Scottsdale, Ariz., for $312.5 million.
The Ezralow Co. is the new owner of Ascend at Kierland and Elite North Scottsdale, totaling 724 units. The acquisition is part of the firm’s plan to acquire 2,000 to 3,000 units in the Phoenix metro over the next 12 months.
Built in 1996, Ascend at Kierland has 364 units, and Elite North Scottsdale, built in 1998, has 360 units. Â The properties are surrounded by the Westin Kierland Resort golf course. Ascend at Kierland and Elite North Scottsdale feature recently upgraded luxury amenities, including state-of-the-art fitness centers with separate spin and yoga rooms, renovated resident clubhouses, and resort-inspired heated pools.
Phoenix is one of the strongest multifamily markets in the country. Metro Phoenix led all U.S. metros in multifamily rent growth in the second quarter 2021 with a 15.3 percent
