Phoenix – March 8, 2017 – CBRE has completed the sale of The Highlands, a 272-unit multifamily community located at 15255 N. Frank Lloyd Wright Boulevard in Scottsdale, Arizona. The buyer was Newport Beach, California-based Olen Properties. The seller, Irvine, California-based Bascom Goup, was represented by Tyler Anderson, Sean Cunningham, Asher Gunter, and Matt Pesch of CBRE Multifamily Institutional Properties in Phoenix. Total consideration for the transaction was $48.5 million ($178,309 per unit). The property sale closed Feb. 28, 2017.
“The Highlands combines attractive design features and excellent amenities with an outstanding North Scottsdale location,” said CBRE’s Anderson. “The community has tremendous access to North Scottsdale’s major transportation hubs and expanding employment corridors.”
Developed in 1990, The Highlands is a garden-style community with spacious one, two and three-bedroom floor plans. Individual residences feature well-appointed kitchens, walk-in closets and full-size washer/dryers. Interior upgrades recently completed for 237 units include wood-style plank flooring, new cabinetry in the kitchen and bath areas, undermount sink with a gooseneck faucet, brushed nickel fixtures throughout and granite countertops. Recent transformational upgrades to community amenities include a modern clubhouse, fitness center and pool area upgrades.