CBRE Arranges Sale of Alta Biltmore Apartments

CBRE negotiated the sale of Alta Biltmore, a 215-unit luxury multifamily community located in the Camelback Corridor submarket of Phoenix. CBRE's Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, a national multifamily developer. Salt Lake City-based Millburn & Company acquired Alta Biltmore, marking the company’s eighth multifamily acquisition in metro Phoenix since 2020.

“Alta Biltmore features high-quality wrap construction, best-in-class amenities, and the community has one of the most walkable locations in the submarket with high-end retail and fine dining in the surrounding Biltmore neighborhoods,” said CBRE’s Gunter, vice chairman and managing director of the Southwest region. “The community’s combination of luxury appeal and ideal location generated significant interest as investors continue to look to Phoenix for sound multifamily acquisition opportunities.”

Completed in 2024, Alta Biltmore’s amenities include a central courtyard with a resort-style pool and spa, tanning deck, barbecue grills, and rooftop terrace. The resident clubhouse features an entertainment kitchen and a speakeasy. A 24/7 fitness center is equipped with state-of-the-art cardio and weight training equipment, as well as a separate yoga studio. The community’s rooftop lounge has barbecue grills, covered seating, and panoramic mountain views. Additional amenities include micro-offices, private conference suites, bike storage and repair shop and EV charging stations.

Millburn & Company is a privately held real estate investment firm with a portfolio comprising approximately 10,000 multifamily units located throughout the United States, with a total market value exceeding $3 billion.

“Alta Biltmore is a premier multifamily community in an extremely desirable submarket with high home prices and walkable luxury amenities,” said Millburn & Company Chief Investment Officer Sage Sawyer. “We are excited to add Alta Biltmore to our Phoenix portfolio and continue to explore other luxury multifamily investment opportunities in the region.”