Dallas firm pays $73.65M for midtown Phoenix apartments as deliveries slow Article originally posted on Phoenix Business Journal on August 10, 2026 An entity tracing to Dallas-based Knightvest Capital paid $73.65 million for a 254-unit apartment community in midtown Phoenix, according to Tempe-based Vizzda LLC real estate database. Previously called Pavilions on Central Apartments, the property at 1 W. Campbell Ave. was sold by an entity tracing to Security Properties. Closing on July 29, the property has been rebranded as Dryden. This acquisition brings Knightvest’s Phoenix portfolio to 5,229 units across 13 properties in metro Phoenix, said Mauricio Rojas, vice president of Knightvest Capital. “After several years of elevated new supply, deliveries across the Phoenix MSA are beginning to slow meaningfully while renter demand and absorption remain healthy,” Rojas said. “We believe this sets the stage for improving market fundamentals in the near term and creates an attractive opportunity to acquire high-quality assets at a compelling basis.” Phoenix is one of Knightvest’s core markets, along with Dallas; Houston; Orlando, Florida; and Raleigh, North Carolina. In 2025, Knightvest completed 43 transactions totaling $1.15 billion across these markets. Of those, nine properties were acquired for $630 million and 11 were sold for $520 million. Its newest Phoenix property previously sold for $59 million in May 2018 and $46.92 million in June 2013 — one of the top apartment sales at the time. But record-breaking sales over $100 million have pushed it out of the running for top 10 multifamily sales this year, coming in at No. 13, said Connor Devereux, senior director of market analytics for CoStar Group/Homes.com. Even so, the price per square foot was higher than the metro’s median price. Built in 2000, the property sold for $289,960.63 per unit at a time when the median price is $246,000 per unit so far this year in the metro, according to Northmarq’s second quarter multifamily report. Per-unit sales prices have crept lower in each of the past four years, but that trend showed signs of reversing course in the first half of 2026, according to the report. Find Complete Article Here: https://www.bizjournals.com/phoenix/news/2026/08/06/knightvest-pays-73m-for-midtown-phoenix-apartments.html?cx_testId=131&cx_testVariant=cx_1&cx_artPos=5#cxrecs_s