Colliers Handles Off-Market Transaction for Washington-based Investor
PHOENIX, ARIZONA – Colliers in Arizona has completed the $18.25 million ($257,000 per unit) off-market purchase of Gateway Scottsdale, an apartment community at 5245 E. Thomas Rd. in Scottsdale.
Chris Roach, Brad Cooke, Matt Roach and Cindy Cooke of Colliers in Arizona handled the off-market transaction. EZ Real Estate, a Washington-based company, purchased the property from Phoenix-based Bear Holdings Group LLC.
“Gateway Scottsdale sits in a phenomenal location being just several miles from Old Town Scottsdale, Arcadia, ASU and Phoenix Sky Harbor Airport,” says Chris Roach with Colliers in Arizona. “With single-family homes north of Thomas averaging sales of $1.1 million, most residents are priced out and forced to rent. Gateway Scottsdale was beautifully renovated and re-branded from 2020-2021 by the sellers, allowing the new buyer to focus on operations and capture some additional value-add by installing in-suite washers/dryers and better amenitizing the open grass common areas.”
The garden-style community contains 71 units totaling 37,115 square feet, bringing the sale price to $491 per square foot. Constructed in 1968 and fully remodeled from 2020-2021, the studio, one- and two-bed units at Gateway Scottsdale average 523 square feet.
Composed of two-story construction on approximately 2.27 acres, Gateway Scottsdale features a gated entry, swimming pool with sundeck, a dog park, central courtyard area with a water feature, barbecue grills and picnic areas. Once washers/dryers are installed in individual units, the buyer plans to repurpose the laundry room into an amenity space.
Located along Thomas Road near the Loop 202 and US-143, Gateway Scottsdale sits within one of the largest and most dynamic employment corridors in Arizona. The property’s access to transportation provides convenient access to Downtown Scottsdale, Downtown Tempe, Midtown Phoenix and Downtown Phoenix.