Greystar Real Estate Partners has acquired Crescent Highland, a 349-unit apartment property in Phoenix, Arizona. No financial terms were disclosed.
PHOENIX, ARIZONA – November 28, 2018 – Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of high-quality rental housing properties, today announced the acquisition of the 349-unit Crescent Highland on behalf of its real estate funds. The asset, located at 4626 N. 16th Street in the Camelback Corridor, represents an opportunity for Greystar to acquire a best-in-class, highly amenitized property in a sought-after urban neighborhood favored by young professionals.
“The acquisition of Crescent Highland complements Greystar’s strategy of acquiring high-quality assets in rapidly growing markets like the Camelback Corridor,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “We were able to purchase a brand new product below true replacement cost, and we believe our plan to leverage Greystar’s operational efficiencies will allow us to maximize the property’s potential and capitalize on the neighborhood’s enduring popularity.”
Completed in 2017, Crescent Highland is well positioned in the Camelback Corridor, which boasts one of the area’s most vibrant dining and entertainment scenes in Midtown/Uptown Phoenix as well as proximity to three major employment hubs representing approximately 192,000 jobs. The property has direct access to State Route 51 and is walking distance from over 30 restaurants and popular grocery stores.
Residences feature nine-foot ceilings with high-end interior finishes, including vinyl wood-style flooring, quartz countertops, under-mount sinks, vintage-inspired black appliances, and full-size washers and dryers. Crescent Highland’s top-of-the-line amenities include a resort-style pool and spa with a poolside kitchen and lounge, outdoor grills, and a two-story fitness center, as well as ground-floor retail including a craft beer restaurant.
As the nation’s largest apartment operator with 490,000 units under management, Greystar currently owns approximately 970 units in the Phoenix area and manages 24,560 more. Greystar will continue to leverage its local market expertise and deep industry relationships to identify attractive investments and management opportunities throughout the Phoenix area.
Greystar is a leading, fully integrated multifamily real estate company offering expertise in investment management, development, and property management of rental housing properties globally. Headquartered in Charleston, South Carolina, with offices throughout the United States, UK and Continental Europe, Latin America, and Asia-Pacific, Greystar operates in over 180 markets globally and is the largest operator of apartments in the United States, managing over 491,000 conventional units/beds. Greystar also has a robust institutional investment management platform dedicated to managing capital on behalf of a global network of institutional investors, with more than $31.8 billion in gross assets under management including $11.9 billion of developments underway — $9.3 billion in the US and $2.5 billion internationally. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental housing real estate business. To learn more, visit www.greystar.com.