Sherman Residential has invested $72 million to acquire a 237-unit Class A multifamily property in Phoenix, previously owned by Pacific Development.
Built in 2018 and located at 4949 N. 7th St., the property, formerly known as Vela on Camelback, has been rebranded as Axis Camelback. At the time of the sale, the property had an occupancy rate of 88%, according to the *Phoenix Business Journal*.
Since acquiring the property last fall, Sherman Residential has undertaken a comprehensive exterior renovation, including new paint, balcony restoration, and the addition of a hand-painted mural showcasing the Camelback Mountain range. The company plans to invest $600,000 in the first year for further upgrades to amenities such as the 24-hour clubhouse, speakeasy lounge, and sky deck offering scenic views. Over the next five years, an additional $1 million has been earmarked for improvements, with plans to sell the property around that time.
Rental rates at Axis Camelback start in the $1,300 range, with potential concessions that include up to eight weeks of free rent.
The transaction was brokered by CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham, and Austin Groen, who represented the seller.
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