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Meridian $30.5-Mil Sale Sets Y-T-D Record

PHOENIX-The Frankel Family Trust of Anaheim, CA has copped a record-setting, year-to-date price for its Meridian on the Biltmore in the Camelback Corridor. Scottsdale's Starpoint Properties' $30.5-million buy is undergoing a conversion into for-sale units.

By D.J. Burrough | Updated on August 23, 2001

PHOENIX-In what is the highest price paid per unit for an apartment complex in the Valley this year, a local investment firm has shelled out more than $138,000 per unit for a 220-unit complex along the Camelback Corridor. Starpoint Properties of Scottsdale has paid $30.5 million to the Frankel Family Trust of Anaheim, CA.

The Meridian on the Biltmore apartments is positioned at 5104 N. 32nd St. Until the sale, the highest per unit price realized was $115,000 for the Camelback Lofts in Scottsdale.

Over the coming months, Starpoint Properties plans to convert the four-story apartments into for-sale condominium units. Being along the Camelback Corridor, at the northwest corner of 32nd Street and Camelback Road, the 10-year old apartment complex is near perhaps the most sought-after office property in the Valley. It’s also adjacent to some of the most upscale shopping, in the Biltmore Fashion Park and some of the Valley’s most opulent housing.

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