Phoenix, Ariz. – ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western U.S. – is proud to announce the $19,000,000 / $172,727 per Unit / $221.11 PSF sale of the Las Hadas Apartments in Scottsdale, AZ.
The property was built in 1987 and includes 110 units with craftsman-style architecture on beautifully manicured grounds. Located just over a mile from the Scottsdale Airpark, anchored by the Scottsdale Airport, this hub is one of the largest employment centers in the state of Arizona encompassing 8.6 square miles and over 2,900 businesses employing more than 51,000 people. Additionally, the Scottsdale Quarter, Kierland Commons and the Scottsdale Promenade, some of the valley’s most premier retail centers are all within a few miles from the property.
The property features a mix of one-bed/one-bathroom and two-bed/two-bathroom units with an average size of 781-square-feet, all with in-suite washers and dryers. Common area amenities include a resort-style swimming pool, hot tub, Barbecue area, fitness center and clubhouse with workspace. The lush green grounds provide a park-like atmosphere not typically seen in Phoenix market communities.
Regarding the transaction, Chang said, "Las Hadas is a phenomenal value-add opportunity that has been owned since 1990 by the same owner who took great care of the asset. A vast majority of comps within a three mile radius is 90s or newer vintage, providing an ample rent ceiling”.
“The North Scottsdale submarket has seen tremendous growth year after year. In just two years, rent has grown 15.4% while 2019 finished with an average rent of $1,501 in North Scottsdale” Shnitzer added.
The Buyer is an investment group based in California. The Seller is an investment group based in Arizona.
ABI Multifamily’s Eddie Chang, Alon Shnitzer, Rue Bax, John Kobierowski and Doug Lazovick represented both the Buyer and Seller.