Salt Lake City-based Millburn & Co. has purchased Echo Biltmore, a 215-unit community in Phoenix, for $71.3 million, according to Yardi Matrix. The new owner also secured a $41.3 million Fannie Mae loan provided by CBRE Capital Markets.
Wood Partners sold the asset, the same source shows. The company completed the property in 2024 using funds from a $40.3 million construction loan originated by Washington Federal Bank in 2021.
Located at 1720 E. Camelback Road in the Camelback East Village area, the 3-acre Echo Biltmore has access to Interstate 10 and U.S. Route 51, and is close to multiple retail options such as Whole Foods, Trader Joe’s and The Home Depot. The city’s international airport and downtown Phoenix are both 7 miles away.
The five-story community, previously dubbed Alta Biltmore, includes studio, one- and two-bedroom units, ranging between 650 and 1,224 square feet. Apartments feature nine-foot ceilings, wood plank flooring, full-size washers and dryers, walk-in closets, bathrooms with frameless showers, pantries and balconies or patios in each unit.
Common-area amenities include a swimming pool with a sun deck, a fitness center, a yoga studio, private conference spaces and offices, a rooftop lounge, a library, a common-area kitchen and outdoor features, such as a courtyard with entertainment spaces, garden games and barbecue grills. Additionally, Echo Biltmore offers 356 parking spots, as well as EV charging stations.
Back in August, Millburn & Co. also acquired Mason + Mill, another recently completed, 349-unit multifamily property in Mansfield, Texas, a Dallas-Fort Worth submarket.
Close-up on Phoenix investor activity
Metro Phoenix registered $3.7 billion in sales from the 68 properties totaling 14,113 units that traded year-to-date as of October, according to Yardi Matrix. This marks a considerable increase from last year, when the multifamily transactions volume amounted to $3.1 billion during the same time frame, as 12,526 apartments spread across 54 assets changed hands. Nevertheless, the average price per unit dropped year-over-year, from $277,376, to $267,933.
Recently, Sares Regis Group sold a 163-unit community in Chandler, Ariz., for $46 million. A private individual purchased the asset while also securing a $24.6 million acquisition loan. When compared to the previous time the property traded, the recent transaction registered a nearly 18 percent discount.
Earlier in the same city, Covenant Capital Group paid $109.5 million for Country Brook Apartments, a 396-unit luxury property. MG Properties sold the asset at $276,515 per unit, in a deal arranged by Colliers.
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