Covenant Capital Group acquired the 472-unit Pearl Biltmore apartment complex in Phoenix for $152 million, making it one of the region’s largest multifamily property sales of the past year. The purchase price averages about $322,000 per unit, significantly above the area’s average of $267,000 per unit. The property, located in the upscale Biltmore neighborhood, is part of a market where rental demand has improved in 2024, though vacancy rates remain high at 11%. Phoenix has seen a boom in apartment construction, with 22,000 new units completed in the past year and another 29,000 under construction. The Camelback area, where Pearl Biltmore is situated, has experienced slower construction growth but still saw $254 million in apartment sales over the past year, a 13% increase from the previous year.
