Taylor Street Advisors Sells Multifamily Asset for $8 Million in Scottsdale

PHOENIX, ARIZONA, January 11, 2023 – Taylor Street Advisors, a leading commercial real estate investment advisory firm in Phoenix, Arizona, today announced the sale of LP on 85th Apartments located in the premier submarket of Scottsdale, Arizona. The asset commanded a sales price of $8,000,000 or $333,333 per unit.

Brian Tranetzki, Anton Laakso, multifamily investment specialists, had the exclusive listing and negotiated the transaction on behalf of the seller, a local syndicator and the buyer, an out-of-state 1031 Exchange investor.

“Built in 1984, LP on 85th features 24 units with an active condo map and an attractive unit mix of 8 one-bedroom one-bathroom and 16 two-bedroom two-bathroom units. In 2022, the property was renovated to include a new modernized paint scheme, black rod iron gate surrounding the property and swimming pool, landscaping, and new exterior lighting, new flooring, white shaker cabinets, quartz countertops, tile backsplash, stainless steel appliances, and new modern lighting. Several of the upstairs units have vaulted ceilings with fireplaces,” says Tranetzki.

The property is located at 1221 N 85th Pl Scottsdale, Arizona.

“The property is ideally located less than a 7-minute drive from Old Town Scottsdale, which features luxury shopping, plentiful restaurants, and an active nightlife with dozens of entertainment venues. Fashion Square Mall anchors Old Town and is comprised of over 200 high end shops featuring some of the most famous luxury brands like Hugo Boss, Gucci, The Apple Store, Fendi, Nordstroms and Neiman Marcus. Only 3 miles away is Scottsdale Stadium, home of the San Francisco Giants spring training attracting thousands of visitors during season,” adds Laakso