PHOENIX — Pacific Development Partners has completed the disposition of Vela on Camelback, a 237-unit community located in Phoenix’s Camelback Corridor neighborhood. Sherman Residential purchased the asset for $72 million.
Vela on Camelback was built in 2017. The property offers 237 units. Amenities include a sky deck that overlooks the nearby Piestewa Peak and Camelback Mountain, pool and spa area with barbecue pavilion, fitness center, resident lounge with community kitchen, dog wash and fenced dog run, outdoor courtyards and package lockers.
The transaction is Sherman Residential’s first acquisition in the Phoenix market in 15 years. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented Pacific Development Partners in the deal.