**Knightvest Capital Acquires 412-Unit Apartment Community in Scottsdale**
Knightvest Capital has acquired Avana Desert View, a 412-unit multifamily community located in Scottsdale, Arizona.
The property features one- to three-bedroom apartments, with units averaging 933 square feet. Currently, the community is 97.3% occupied. Amenities include two swimming pools, a volleyball court, a fitness center, and a playground. Each unit is equipped with washers, dryers, and microwaves.
According to Commercial Edge, the property had been subject to a $64.7 million CMBS loan from Citibank. This variable-interest loan, which matures in 2030, was placed on the servicer’s watch list in October 2024.
Avana Desert View has changed hands multiple times in recent years. It was purchased by Greystar in 2019 for $96 million from IMT Capital, which had acquired it in 2016 from Angelo Gordon & Co. for $68 million.
Originally developed nearly 30 years ago, the property is now slated for renovations under its new ownership by Knightvest.
