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May. 21, 2013

PrivatePortfolio Group Pays $68M for Scottsdale M-F Complex; $40M Student Housing Project Nears Completion in Tempe

By Amalia Otet, Associate Editor

In a $68.3 million deal, PrivatePortfolio Group LLC of Seattle has acquired Crown Court Apartments, a 416-unit multi-family property in Scottsdale.

Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE Group Inc.’s Phoenix office represented the seller and structured the transaction. The property was 95 percent occupied at the time of closing.

Completed in 1987, Crown Court Apartments is located at 7900 E. Princess Drive, adjacent to the Scottsdale Fairmont Princess Resort and the TPC Scottsdale golf course. Upscale shopping and dining destinations are nearby. Each unit is equipped with fully-appointed kitchens, full-size washers and dryers, and walk-in closets. The community offers two resort-style swimming pools, a designer clubhouse, 24-hour fitness center, a media/theater room and lighted sports courts.

In other commercial news, AZRE Magazine reports that the Hub on Campus, a $40 million student housing complex and one of the largest projects under development in Arizona, is on track for delivery in August. Beal Derkenne Construction is building the 19-story complex (pictured at right) near the Arizona State University campus at 323 E. Veterans Way in Tempe.

The property will house more than 600 residents on 17 residential floors. Additionally, the building will feature 25,000 square feet of retail space and 6,550 square feet of restaurants.

Amenities will include indoor and outdoor study areas and conference rooms, a resort-style pool, private cabana areas with TVs, an LED outdoor video wall, a volleyball court and a state-of-the-art fitness center. The Hub on Campus will be a candidate for LEED Silver certification.

Rendering of the Hub on Campus courtesy of Core Campus

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