**Principal Financial Acquires Biltmore at Camelback for $97.3M**
Principal Financial has purchased the Biltmore at Camelback, a 270-unit luxury apartment community in Phoenix, for $97.3 million. The seller, Heitman, originally acquired the property in 2014 for $74.75 million, translating to approximately $276,852 per unit. The four-story complex was constructed in 2013.
Located in one of Phoenix’s prime neighborhoods, the Biltmore at Camelback offers units ranging from 628 to 1,074 square feet. Monthly rental rates span from $1,600 to $2,600. Residents enjoy modern features including private balconies or patios, as well as upscale amenities such as a fully equipped fitness room, resort-style pool and spa, cabana areas, grilling stations, clubhouse, and on-site dry cleaning services.
Heitman, the seller, is a global real estate investment management firm with a portfolio exceeding $48 billion in assets under management. The firm was founded in 1966 and operates through ten offices around the world. Heitman actively engages in all three major segments of the global real estate and capital markets.
This transaction marks the end of a 12-year hold for Heitman on the property.
