CBRE has arranged the $31.25 million sale of Revival Biltmore apartment community in Phoenix. Revival Biltmore sold the property to LP.PBV-2911 East Indian School Road, LP in an all-cash transaction.

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer and the seller in the transaction.

Located at 2911 E. Indian School Road, Biltmore Revival is in a high-demand rental market where rents increased 10.5 percent over the last year, according to CBRE Research. The property is situated near Arizona State Route 51, Interstate 10 and the Loop 202 freeway, which provide access to the greater Phoenix metro.

The garden-style community offers studio, one-, two- and three-bedroom units with modern amenities such as upgraded cabinets, flooring, and fixtures and stainless-steel appliances.