Rockpoint and Related Group Successfully Sell Luxury Apartment Community in Phoenix

Rockpoint and Related Group Secure Sale of Luxury Apartment Complex in Phoenix

In a significant move within the real estate sector, Rockpoint, a private equity firm, and Related Group, a renowned real estate developer, have announced the successful sale of the Town Deer Valley apartment community in Phoenix. Originally acquired in February 2021, the partnership developed this site into a premium housing complex, consisting of 388 residential units distributed across 19 sleek, three-story buildings, all nestled within an 18-acre expanse.

Aric Shalev, Managing Member and Co-President at Rockpoint, highlighted the strategic value behind this investment, stating, “Rockpoint's investment in Town Deer Valley reflects our focus on market-specific opportunities within Arizona, particularly in the greater Phoenix area where we possess significant knowledge and expertise. Our approach to investment, characterized by a hands-on method and vertical integration, has been instrumental in crafting outstanding properties that create substantial value for our partners.” He also expressed his gratitude for the collaborative efforts with Related Group, underscoring his anticipation for the ongoing growth of Town Deer Valley under its new ownership.

Emulating a Mediterranean-inspired resort, Town Deer Valley is equipped with luxurious architectural details, contemporary finishes, and top-tier amenities. Its highlights include a state-of-the-art fitness center, an on-site dog park, a business lounge, and an arts and crafts room. Residents enjoy exclusive access to an outdoor retreat, complete with private cabanas, dual swimming pools, a secluded spa enclave, and a fully equipped outdoor kitchen, embodying a lifestyle of leisure and sophistication.

Steve Patterson, President of Related Group, expressed his enthusiasm regarding the project, stating, “With Rockpoint’s support, we gained insights into the distinct requirements of the northern Phoenix community, enabling us to create a unique and elevated living experience characterized by remarkable design and outstanding amenities.” He elaborated on the shared vision that has propelled Town Deer Valley to success, a property that stands out due to its spectacular offerings and design.

A testament to its excellence, Town Deer Valley was recognized in 2023 by CoStar, a leading publication in commercial real estate, as the top multifamily development in Phoenix for its exceptional design, luxurious finishes, and resort-style amenities. This accolade further solidifies the community's status as a premier destination for urban living.

The real estate transaction was facilitated by Cliff David and Steve Gebing of Institutional Property Advisors, who served as brokers for Rockpoint and Related Group throughout the sale process.

About Related Group

Founded in 1979, The Related Group is a prominent developer in Florida, specializing in metropolitan living. With a portfolio exceeding 120,000 residential and commercial units, it stands as one of the largest Hispanic-owned businesses in the nation, managing projects valued at over $40 billion throughout its four-decade journey. The Related Group is recognized for its innovative designs and contributions to diverse living environments across various neighborhoods.

About Rockpoint

Rockpoint operates as a private equity firm in the real estate sector, utilizing a fundamental value investment strategy. The firm targets specific property types and markets across the United States, focusing on opportunities that may be undervalued. Rockpoint has a commendable track record, having backed 503 transactions since its inception in 1994, totaling around $80 billion in capital. Through proactive management, Rockpoint aims to unlock significant value within its investment assets.

Both firms are looking forward to the continued evolution of Town Deer Valley, confident it will thrive in the hands of its new owners.

For more information on these companies, you can visit their respective websites: Rockpoint and Related Group.