PHOENIX, ARIZONA – Cushman & Wakefield announced that Phoenix-based RP 115, LLC (an entity formed by Rincon Partners) sold Centerra Apartments Homes, located at 111000 N. 115th Street in Scottsdale, Ariz., for $36.25 million ($179,455 per unit) to Phoenix-based Tanbic Edgehill Centerra Apartments, LLC (an entity formed by Ryan and Anthony Francisco with Edgehill Investments and Tanner Bickelhaupt with Tanbic Investments).
Built in 1986 and located in North Scottsdale, Centerra Apartment Homes is a recently renovated 202-unit garden-style apartment community. The property offers one- and two-bedroom apartments, averaging 746 square feet, featuring stainless steel appliances, granite countertops, new cabinetry in kitchens and baths, walk-in closets, wood-style flooring, washer/dryers and private patios/balconies. Community amenities include a two resort-style pools and spas, fire pit with surrounding seating, barbecue/picnic area, new fitness center, new leasing/business center and an off-leash dog park.
David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction. Nicoluzakis stated, “This North Scottsdale location is a very supply constraint area that will provide these buyers a durable investment with excellent potential for growth in the future.”