Rockpoint and Related Group Announce Sale of Class A Apartment Community in Phoenix

BOSTON, Jan. 16, 2025 /PRNewswire/ -- Rockpoint, a real estate private equity firm, and Related Group ("Related"), a leading real estate conglomerate, today announced the sale of Town Deer Valley, a Class A luxury apartment community in Phoenix.

Rockpoint and Related, in partnership, acquired the Town Deer Valley site in February 2021 and developed the 18-acre site into 388 residential units across 19, three-story wood-framed garden-style buildings.

"Rockpoint's ownership chapter of Town Deer Valley represents our focus on address-level investing, in markets like greater Phoenix where we have deep knowledge and experience. We believe our hands-on, vertically integrated approach ensures excellence and generates value for all our stakeholders," said Aric Shalev, Managing Member and Co-President at Rockpoint. "We are grateful for Related's partnership throughout this venture, and we look forward to watching Town Deer Valley continue to flourish during this next phase of ownership."

Modeled after a Mediterranean-style "resort paradise," Town Deer Valley features upscale architectural detailing, sleek finishes, and market-best amenities – including a state-of-the-art fitness center, on-site dog park, business lounge, and arts and crafts room. Residents also have access to an outdoor oasis featuring private cabanas, two swimming pools, a secluded spa enclave, and outdoor kitchen.

"With the support of Rockpoint and the combination of our proprietary skillsets, we were able to identify and understand the unique needs of the northern Phoenix community and develop a bespoke, elevated living experience defined by standout design and unrivaled amenities," said Steve Patterson, President at Related. "Our shared vision for Town Deer Valley has delivered a one-of-a-kind property, and we are thrilled with the tremendous growth and overall success of this asset."

In 2023, Town Deer Valley was recognized by CoStar, a leading commercial real estate publication and database, as the best multifamily development in the Phoenix region for its exemplary design, luxury finishes, and resort-quality amenities.

Cliff David and Steve Gebing of Institutional Property Advisors (IPA) acted as broker for Rockpoint and Related on this transaction.

About Related Group
Established in 1979, The Related Group is Florida's leading developer of sophisticated metropolitan living and one of the country's largest real estate conglomerates. Since its inception, the privately held company has built, rehabilitated, and managed over 120,000 condominium, rental and commercial units. The firm is one of the largest Hispanic-owned businesses in the United States with a development portfolio in excess of $40 billion in 40 years.

The Related Group has earned international status for its visionary designs and development of luxury condominiums, market-rate rentals, mixed-use centers and affordable properties – often in emerging neighborhoods that impact the lives of all demographics. The Related Group has redefined real estate by diversifying both its products and buyers, expanding internationally while also sponsoring public art installations that enhance cities' global culture and streetscapes.

TIME Magazine named Founder, Chairman and CEO of The Related Group, Jorge Pérez, one of top 25 most influential Hispanics in the United States. Currently, The Related Group has over 70 projects in varying phases of development.

About Rockpoint
Rockpoint is a real estate private equity firm that employs a fundamental value approach to investing, targeting select product types and markets throughout the United States. The firm applies a consistent and disciplined investment approach across its investment programs, which span distinct return profiles. Rockpoint continually assesses market opportunities and evaluates potential investments relative to intrinsic value, replacement cost, and cash flow, and targets investments that Rockpoint believes are inefficiently priced or misunderstood by the broader market. Rockpoint proactively pursues opportunities that exhibit strong value potential that can be realized through impactful asset management. Since 1994, the firm's co-founders with others have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm and have invested or committed to invest in 503 transactions with a total peak capitalization of approximately $80 billion. To learn more, visit www.rockpoint.com.

Contact

Sarah Salky / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
rockpoint-jf@joelefrank.com

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SOURCE Rockpoint Group, L.L.C.