Los Angeles Investor Purchases Newly Built Luxury Adult Apartments

Phoenix (November 7, 2025) — 55 Resort Scottsdale, a recently completed luxury adult apartment property in Scottsdale, has been sold to a Los Angeles investor for $32.75 million ($321,078 per unit). The development, located at 9449 N. 90th St., is situated within the popular McCormick Ranch master plan community.

“This transaction underscores the exceptional demand for high-quality active adult housing in Scottsdale,” said Matt Roach of Colliers. “Despite being only nine percent occupied at the time of sale, 55 Resort Scottsdale attracted significant investor interest due to its Scottsdale location and the powerful demographic tailwinds driving this asset class.”

DEM, Inc., a Los Angeles-based private real estate investment company focused on acquiring midsize, newly constructed multifamily properties, purchased the property from Dallas-based Velocis Edison McCormick JV, LP. Matt Roach, Chris Roach, Brad Cooke and Cindy Cooke of the Cooke Multifamily Team at Colliers handled the transaction.

55 Resort Scottsdale, completed in 2025, is the first multifamily development to be constructed within McCormick Ranch in the past 30 years. McCormick Ranch, one of Scottsdale’s first master planned communities, is comprised of 4,200 acres and is home to 27,000 residents. The area features 10 scenic lakes, two golf courses and 25 miles of walking/biking paths.

Located near the intersection of Via Linda and 90th Street, the 55 Resort Scottsdale development offers direct access to the Greenbelt, an 11-mile park system that offers year-around recreation. The property is walkable to shopping, dining, and medical providers. The average home price within a one-mile radius of the apartment building is $1,500,000.

55 Resort Scottsdale is a core active adult community with 102 units that average 671 square feet in size. The three-story building is situated on a 2.5-acre site with views of surrounding mountains. Apartments are appointed with modern finishes, including quartz countertops, a tiled shower with a bench, a full-sized washer & dryer, and a private patio/balcony. Designed for affluent, active adults, 55 Resort Scottsdale offers residents an abundance of amenities. These include a resident lounge, community bar, and inviting fireplace within the Club House. A state-of-the-art fitness center, wellness studio, and space for group yoga, fitness, and health-related programs are also on-site. In addition to a resort-style heated pool and spa, the outdoor offerings include a firepit, outdoor lounge areas, and rooftop deck. Residents also benefit from a community library, business center, club room, dog wash station and bike wash. Carports are included for residents, as well as EV charging stations.

The 337-unit Coral Point Apartments is located in Mesa, Ariz.

Phoenix  (November 7, 2025) – CBRE has arranged financing totaling $45.6 million for the acquisition and renovation of Coral Point Apartments, a 377-unit multifamily community located at 2343 West Main Street in Mesa, Ariz.

CBRE’s Shaun Moothart, Doug Birrell, Bruce Francis, Bob Ybarra, Nick Santangelo, Anna Britt, and Amber Coleman, with the company’s Capital Markets’ Debt and Structured Finance team, secured a three-year, floating-rate term featuring full-term interest-only, with two extension options on behalf of the InTrust Property Group. The lender was Brightspire Capital.

“Congratulations to the sponsor on a market-setting execution,” said Moothart, executive vice president at CBRE. “The strength of the sponsorship, attractive cost basis and clearly defined value-add strategy fostered a highly competitive lending environment, resulting in exceptional financing terms at a time when bridge lenders are actively seeking opportunities to deploy substantial capital.”

Coral Point spans 15.94 acres and comprises 24 two-story buildings, with community amenities including three swimming pools, two spas, a clubhouse and business center, fitness center, outdoor BBQ areas and a play area.

“In a risk-off environment, we chose to lean in. We will continue to identify opportunities grounded in a defensible basis and a disciplined business plan, designed to deliver upside for our investors. We’re excited about the opportunities offered by this project,” said Josh Needle, InTrust Property Group, Principal and CEO.

The sponsor’s value-add strategy includes plans to install washers and dryers in every unit, refresh exteriors and activate amenities.

TUCSON, AZ (November 6, 2025) — A 4.73-acre C-2 zoned commercial parcel at 860 E. Irvington Road, near the southwest corner of Park Avenue and Irvington Road in Tucson’s South submarket, has sold to Lariat Village Propco LP, an affiliate of Atlanta-based Lariat Village GP LLC, for $1,866,474 ($9.06 PSF). The transaction closed on October 29, 2025.

Jason Wong of Crestline represented the seller, Park & Irvington Holding Co, LLC, managed by Thomas F. Gee of Tucson. The buyer was represented by Impact Residential Development, which is leading pre-development efforts for the new Lariat Village, a 120-unit multifamily affordable community planned for the site.

The C-2 General Commercial property, adjacent in part to R-2 medium-density residential zoning, totals roughly 206,000 square feet of vacant land.

The proposed Lariat Village development has recently appeared in public filings with the City of Tucson’s Housing and Community Development Department, which has issued a Notice of No Significant Impact and an Intent to Request Release of Funds for parcel APN 140-20-001B. The notice confirms environmental clearance, paving the way for financing and construction approvals.

In June 2025, the Pima County Board of Supervisors approved $673,000 in gap funding toward the 120-unit affordable housing project, with Impact Residential Development listed as the developer of record. Public records indicate that the project will deliver a mix of one-, two-, and three-bedroom apartments designed to meet workforce housing needs in South Tucson.

The broader Irvington & Park corridor, which includes this parcel and several adjoining tracts, has been co-marketed with Crestline Properties in recent years. While no building permit has yet been issued for 860 E. Irvington Road, construction is expected to begin following completion of financing and design approvals. A project listing tied to Tofel Dent Construction, dated August 27, 2025, indicates early pre-construction coordination for the multifamily development.

The buyer also purchased the adjoining parcel #140-20-001D (2.41 acres) at a price not disclosed, and the number of units to be determined.

Once complete, Lariat Village will add much-needed affordable housing within a strategic infill location near major transit routes, employment centers, and retail amenities—marking another step forward for affordable housing investment along Tucson’s south-central corridor.

For more information, please contact Jason Wong at 520-603-1191.

Source: RED Comp #12171