Property sells for $332,000 per unit or $372 per square foot
SCOTTSDALE, ARIZONA -- CBRE announced the sale of The Hayden, a multifamily property in Scottsdale, Ariz., to San Francisco Bay Area-based real estate investment firm Fivey Company for $8.3 million ($332,000 per unit).
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the seller, Fringe Capital Partners, a Chicago-based real estate investment firm.
Located at 2635 North Hayden Road, the 25-unit, garden-style apartment community was originally constructed in 1978 and extensively renovated and re-positioned by Fringe Capital in 2020 with premium finishes. The quality of the renovations is comparable to new construction. The Hayden is comprised of two two-story buildings with a unit mix of all two-bedroom, one-bathroom apartments with an average size of 884 square-feet. Community amenities include a pool, courtyard, and covered parking.
The property is located less than two miles from Old Town Scottsdale, a neighborhood that features many of the area’s most popular dining, retail and entertainment destinations.
“This asset provides the new owner with an incredible property with additional rent upside in one of the nation’s fastest-growing markets,” said Smuckler.
A recent CBRE survey of commercial real estate investors ranked Phoenix as a top-10 target among America’s metros. The Sun Belt market jumped five spots to #4 in the firm’s 2021 Americas Investor Intentions Survey.