Vestis Group Completes 7-Unit Bulk Condo Sales at Lincoln Gardens in Scottsdale
Vestis Group completed the sale of 7-Units (bulk condos) of Lincoln Gardens Condominium, located at 6480 N 82nd St, Scottsdale, AZ 85250, for $1,740,200 or $248,600 per unit.
Phoenix, Arizona – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale 7-Units (bulk condos) of Lincoln Gardens Condominium, located at 6480 N 82nd St, Scottsdale, AZ 85250, for $1,740,200 or $248,600 per unit. The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs and Matt Morrell negotiated the transaction on behalf of the seller, a private investor from Newhall, California. The buyer, a 1031 exchange investor from Scottsdale, Arizona, was represented by Daniel Goldfarb and Christa Lawcock of Realty Executives.
“We received multiple offers on this Scottsdale multifamily rental portfolio,” says Natan Jacobs, Principal at Vestis Group and the lead broker for this transaction, “The sellers ultimately chose to work with a local buyer who was inside of a 1031 exchange and ultimately paid cash for the asset.”
The 7-unit value-add rental portfolio sale was comprised of seven 2-bed/2-bath units of approximately 1,110 square feet, inside Lincoln Gardens, an 80-unit condominium community resting on approximately 3.75 acres in Scottsdale, AZ, just south of McCormick Ranch. The community was built in 1984 and the exterior was updated in 2021. All units have a full size washer and dryer, dishwasher, self-cleaning oven, and huge pantries. Second story units boast cathedral ceilings with skylights and first story units have sunken living rooms. All units have private balconies, along with extra storage. The community contains a swimming pool, spa, and full covered parking. Nearby attractions include Chaparral Park, The Pavilions at Talking Stick, Old Town Scottsdale and Scottsdale Fashion Square.