Private Portfolio Group LLC acquired the 10-year old property at a 5.75% cap rate, according to Tyler Anderson, vice chairman of CB Richard Ellis. He and Sean Cunningham, also a vice chairman with CBRE, negotiated the deal on behalf of the seller, Chicago-based Waterton Residential doing business as Fund IX BB Chandler LLC.

Biscayne Bay represents one of the largest multifamily sales in the Phoenix metro area this year, if not the largest. "This deal let the rest of the market know how much activity and interest investors have in the Phoenix area," Anderson tells GlobeSt. "This demonstrates that there is strong buyer demand for quality assets."

The pricing, in particular, indicates that the acquisitions market is improving and proves that investors think Phoenix is positioned to recover. "They consider the market's current revenue slump a temporary situation and believe that higher-end assets, like Biscayne Bay, will offer the greatest potential for strong occupancy and rental growth in the near future," Anderson says.