CBRE negotiated the $161.4 million sale of the 365-unit Carter in downtown Scottsdale, representing the largest multifamily sale in Arizona year-to-date. 

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CBRE’s Asher GunterMatt PeschSean Cunningham and Austin Groen represented the seller, the U.S. multifamily investment team from EQT Exeter. Carter was acquired by a venture between Kairoi Residential and German American Realty, a fund and investment manager specializing in residential rental properties in the United States.

“The Carter transaction illustrates the strong conviction from domestic and international capital for Class A apartment communities in A-plus locations,” said Mr. Gunter, CBRE’s vice chairman and managing director of the Southwest region. “We are excited to welcome Kairoi and German American Realty to Phoenix. They could not have picked a better market to plant their first flag in Arizona.”

Prominently located on Scottsdale Road, Carter’s luxury amenities include a resort-style swimming pool with a poolside kitchen and dining area, separate outdoor lounges with space for dining and a fireplace, a state-of-the-art fitness center with a separate spin and yoga room, a contemporary clubhouse, business center, and dog park.

“Carter is our first acquisition in Phoenix and we are excited to add the community to our growing portfolio of generational Class A multifamily properties,” said Kairoi Residential President of Acquisitions Madison Marceau. “The long-term demographic outlook for Phoenix and other Sunbelt markets remains strong and we will continue to invest in high-quality multifamily assets in prime locations in the region.”

Completed in 2018, Carter features studio, one- and two-bedroom floorplans averaging 863 sq. ft. Each unit features 9-foot to 11-foot ceiling height, wood-style flooring, stainless steel appliances and full-size washer and dryers.

“Since it was originally developed, Carter has been and remains a best-in-class asset and proves that in times of limited transaction volume due to capital markets and economic uncertainty, well-located apartment communities in the right submarket, built with the right property characteristics and occupied with a resilient resident demographic, remains among the most attractive multifamily opportunities today,” said Field Stern, EQT Exeter Managing Director and Head of U.S. Multifamily Investments.

EQT Exeter, a global real estate investment manager with nearly $30 billion of equity under management, acquires, develops, leases, and manages logistics and industrial, residential and office-life science properties. EQT Exeter is the real estate division of EQT AB, a global investment organization.

Kairoi Residential is a vertically integrated multifamily investment, development, and property management company headquartered in San Antonio with offices in Austin and Denver. Since 2003, the partnership has transacted $10.3 billion across 68,000 multifamily units in many cities and states nationwide.

German American Realty provides U.S. residential investment opportunities in the Sunbelt region to its base of German high-net-worth individuals, single- and multifamily offices and institutional investors. Since its inception in 2014, German American Realty has completed 52 transactions with a total volume of $3.2 billion.