After a twelve-year run, institutional investor Heitman has cashed out of the Biltmore at Camelback in Phoenix, selling the 270-unit community to Principal Financial Group for $97.3 million. The four-story complex, finished in 2013 and picked up by Heitman in 2014, becomes the latest big-ticket multifamily trade in the increasingly busy Camelback/Biltmore corridor.
Deal details
The Biltmore at Camelback, a 270-unit midrise, closed at a sales price of $97.3 million, according to ConnectCRE. Units are listed at roughly 628 to 1,074 square feet, with asking rents between $1,600 and $2,600 per month. On the amenities front, the property leans into resort-style living, with a fitness room, pool and spa, cabanas, grills, a clubhouse, and on-site dry-cleaning service. One-, two-, and three-bedroom floor plans offer balcony and patio options across the community.
Price history and market context
Heitman bought the property in 2014, when it was operating under the name Broadstone Camelback, paying about $74.75 million, or roughly $276,852 per unit, according to the Rose Law Group Reporter. Comparing that price to this month’s $97.3 million sale, the investment shows about $22.6 million in nominal appreciation over the hold period. The transaction also landed on the list of metro Phoenix’s largest January deals, as noted by AZ Big Media, reinforcing the steady appetite for stabilized multifamily assets in the Biltmore submarket.
Who’s buying and selling
On the buy side, Principal Financial Group is acting through its real estate arm, which highlights a focus on sustainable asset management, per Principal Real Estate Investors. Heitman, founded in 1966, continues to operate as a major institutional owner and seller with roughly $48 billion in assets under management, according to Heitman. As of publication, neither company had issued detailed public comments on the trade.
What to watch
Local brokers are keeping an eye on what Principal does next, particularly whether the new owner pursues capital improvements or rent adjustments as it settles in. ConnectCRE did not identify a broker or financing source involved in the deal. Any renovation push or leasing strategy shift at Biltmore at Camelback could offer a telling read on how institutional buyers are sizing up value in Phoenix’s higher-end suburban apartment market heading into 2026.
