Draper and Kramer, Incorporated, a national full-service real estate firm, today announced it has added to its national portfolio of multifamily properties with the purchase of Senita on Cave Creek, a 15-building, 240-unit luxury rental community at 23555 N. Desert Peak Parkway in Phoenix. This is the company’s first property acquisition in Arizona.
The sale price was $109,500,000, according to Vizzda.
Completed in 2018, Senita on Cave Creek offers 10 floor plans across its mix of 1-, 2-, and 3-bedroom units. Located in a sought-after area just north of the Loop 101 and State Route 51 interchange, approximately 25 minutes from downtown Phoenix, the community gives residents easy access to the city and neighboring Scottsdale, as well as the many cultural, entertainment, dining and recreation options in the property’s immediate vicinity.
“As we continue to expand our footprint nationally by investing in new markets, our focus is on high-quality assets in growth markets – so it was a natural fit for us to look at Phoenix, which was the fastest- growing big city in America between 2010 and 2020 according to the U.S. Census Bureau and has since continued to experience population growth,” said Blas Puzon, chief investment officer with Chicago-based Draper and Kramer.
Apartments at Senita on Cave Creek measure from 640 to 1,353 square feet and feature open layouts, gourmet kitchens, vaulted ceilings with crown molding, hardwood-style flooring, walk-in closets, full-size in-unit laundry, and balconies or patios in select units. Residents have access to an extensive amenities package that includes a resort-style pool with cabanas, 24-hour fitness center, spin/yoga room with Peloton bikes, pet park and indoor wash station, bike storage room, outdoor gaming area, and covered and garage parking. The property offers scenic views of the Phoenix Sonoran Preserve and surrounding mountains and is in close proximity to nearby nature walking paths and hiking trails.
“With its newer construction and best-in-class amenities, paired with a central location near job opportunities, leisure activities and local attractions, Senita on Cave Creek checks all the boxes in terms of the features and lifestyle today’s renters are seeking,” said Jack Bierwirth, vice president, investment management, with Draper and Kramer. “That made this acquisition a solid investment for us and an ideal complement to our portfolio as we evaluated opportunities to enter the Phoenix market.”
Draper and Kramer has enlisted Mission Rock to provide third-party property management services for Senita on Cave Creek. Rents start at $1,669. For leasing information, visit www.senitacavecreekapts.com.
A leading privately held developer, owner and manager of multifamily properties, Draper and Kramer’s portfolio includes 6,000 units across rental communities in Chicago, Dallas, Phoenix and St. Louis.