San Diego investor scoops up another Valley apartment community

Article originally posted on Phoenix Business Journal on August 19, 2025

Just after Fairfield Residential broke the record for the biggest multifamily portfolio acquisition in Arizona, the San Diego-based investor bought another property for $115.8 million.

In July, Fairfield paid $462.38 million to Sunroad Enterprises, making it the largest Arizona multifamily portfolio deal in the state’s history.

Less than a month later, Fairfield turned around and plopped down another $115.75 million for the 276-unit The Nines at Kierland: North Scottsdale Apartments, according to Tempe-based Vizzda LLC real estate database.

Like the other acquisitions, this property also was purchased from Sunroad Enterprises, this time for $419,384.06 per unit, closing on Aug. 13, according to Vizzda.

Built in 2001 on 10.35 acres at 15608 N. 71st St. in Scottsdale, the property sold for $108.5 million in May 2021, according to Vizzda. Before that, it sold for $57.75 million in September 2013.

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