Covenant Capital, a Nashville-based company, recently purchased the Pearl Biltmore luxury apartment community in Phoenix for $152 million from Morgan Group. The property is located at 24th and Highland and features 472 units, including studio, one-, two-, and three-bedroom apartments with various floor plans. It opened in February of this year and boasts amenities such as two outdoor pools and a two-story fitness center.
The five-acre property is surrounded by over 7.4 million square feet of Class A office space, medical offices, resorts, retail stores,and dining options like Biltmore Fashion Park. With its prime location within the bustling city of Phoenix,the Pearl Biltmore offers residents convenient access to all that the area has to offer.
Morgan Group has an impressive track record in real estate development with over $3 billion worth of multifamily assets built or acquired throughout their history.This includes more than 20,o00 units across Texas,Caliornia,Azona,colorado,and Florida.Currently,Morgan Group ownsand manages a portfolio consistingof more than10,o00unitsin these states.The saleofthePearlBiltmoresignifies yet another successful venture for this experienced company.
Luxury living just got even better in Phoenix as Covenant Capital from Nashville recently acquired Morgan Group’s Pearl Biltmore apartment community for an impressive sum of $152 million. Located at the intersection of 24th Street and Highland Avenue,the stunning complex features a totalof472units,rangingfromstudios,toone,two-andthree-bedroomapartmentswith19differentfloorplans.Some unique loft-style units are also availablefor those seeking something different.
Opened earlier this year,in February2021,PearlBiltemoreisalreadygainingrecognitionforitsluxuriousamenities,suchastwooutdoorpoolsanda twostoryfitnesscenter.Situated onfive acres,thispropertyboastsanenviablelocation, surroundedbyover7.4millionsquarefeetofClassAofficespace,medicalfacilities,resorts,andanabundanceofretailanddiningoptionsincludingthehigh-endBiltmoreFashionPark.
Morgan Group has a long-standing reputation in the real estate industry,having built or acquired over $3 billion worth of multifamily assets and developing more than 20,000 units throughout their history.Currently,the company ownsand managesaportfolioconsistingofmorethan10,o00unitsacrossthestatesoftexas,Caliornia,Azona,colorado,andFlorida.The sale of Pearl Biltmore is just another testament to Morgan Group’s success in the market.
