Greystar acquires multifamily property in Phoenix

Greystar Real Estate Partners, a global investor, developer and manager of rental housing properties, has acquired the 349-unit Crescent Highland in Phoenix on behalf of its real estate funds. The asset is located at 4626 N. 16th Street in the Camelback Corridor and was completed in 2017.

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 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.

“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.

As an apartment operator with 490,000 units under management, Greystar currently owns approximately 970 units in the Phoenix area and manages 24,560 more.