Knightvest Capital acquired Avana Desert View, a 412-unit apartment community in Scottsdale.
The property offers one—to three-bedroom units with an average overall size of 933 square feet. The community is currently 97.3 percent occupied. Amenities at Avana Desert View include a fitness center, two swimming pools, a volleyball court and a playground. All units include washers, dryers and microwaves.
Commercial Edge reports the property has, in recent years, been subject to a $64.7 million CMBS loan with Citibank as the lender. The variable interest loan, with a maturity date in 2030, was put on the servicer’s watch list in October 2024. The property last traded in 2019 for $96 million when Greystar bought it from IMT Capital. In 2016, IMT bought the asset for $68 million from Angelo Gordon & Co.
Knightvest plans to undertake renovations at Avana Desert View, which was originally developed nearly 30 years ago.
The post Knightvest Picks Up 412-Unit Scottsdale Rental Community appeared first on Connect CRE.
​Â
