Biltmore Buildings Bought for Razing, Rebuild

PHOENIX—The $13.25 million sale of 150,000 square feet of buildings located at 4602 N. 24th St. on 4.4 acres in the Biltmore area has been completed, according to Colliers International of Greater Phoenix. The property will be razed to make way for a multifamily community.

Kaplan Acquisitions LLC of Scottsdale, AZ, a division of the M. Kaplan Companies in Houston, purchased the property and plans to demolish the existing buildings. Construction is set to begin on the District at Biltmore project in a matter of weeks. The community will include 227-units in a four-story building with an attached parking garage and resort-like amenities. The one- and two-bedroom units will range in size from 600 to 1,475 square feet. First occupancy is anticipated in early 2017.