Priderock Capital Partners LLC entity PRCP-Phoenix III LLC bought an 832-unit apartment project in Phoenix for $125.5 million, the Business Real Estate Weekly of Arizona reported, citing records from Maricopa County, Ariz.
The IMT Deer Valley apartments at 3010 W. Yorkshire Drive were purchased from IMT Capital LLC's IMT Capital III Deer Valley LLC. The buyer has renamed the property The Heritage at Deer Valley, according to the report.
PRCP-Phoenix partially funded the deal with a roughly $87.9 million Freddie Mac loan issued through KeyBank, the report added.
IMT Capital picked up the asset in 2015 for $100.5 million.