AZ Multifamily Still Has Upside: JLL Closes $51M Scottsdale Property Sale
PHOENIX, Arizona – On behalf of Rockwood Capital and Alliance Residential Company, JLL’s Capital Markets experts announced the firm completed the sale of Broadstone Scottsdale Horizon, a 330-unit multifamily rental community in one of the most coveted neighborhoods in North Scottsdale, Arizona. MG Properties purchased the community for $51 million ($154545 per unit).
Executive Vice President John Cunningham and Senior Vice President Charles Steele led the JLL team on the deal.
“The Phoenix multifamily market continues its economic expansion, with a balanced supply of new units in concert with strong job growth in leading sectors representing long-term sustainability,” said Cunningham. “North Scottsdale is in attractive proximity to all of metro Phoenix’s major employment corridors, putting it in a prime position to capitalize on the area’s strong amenity base and the appeal that provides to a growing renter base.”
Located at 9259 E. Raintree Drive in Scottsdale, at Raintree Drive and 92nd Street, Broadstone Scottsdale Horizon sits within a high-amenity submarket that includes neighborhood grocery and power centers, luxury retailers and restaurants, award-winning schools and immediate access to the Loop 101 Freeway. The targeted submarket renter (age 25 – 34) is projected to grow by three percent over the next five years.
Averaging 883 square feet, units at Broadstone Scottsdale Horizon feature 9- and 22-foot ceilings, wood burning fireplaces, contemporary kitchens and dual master bedroom designs with private patio or balcony access off of every bedroom to enjoy direct mountain views. Common areas include a resort-style pool, resident clubhouse, business center and fitness facility. Built in 1986, the community has enjoyed regular improvements, but represents the opportunity to add value through additional amenity and unit upgrades.