APRA Capital Lands $35M for North Phoenix Community
The 110-unit community last changed hands in 2020, for $19 million.
APRA Capital has sold 92Forty Scottsdale Apartments, a 110-unit multifamily property in Scottsdale, Ariz., for $35 million. A New York-based investor acquired the asset in the transaction arranged by ABI Multifamily.
The property last changed hands at the beginning of 2020, when APRA Capital purchased it for $19 million, Yardi Matrix data shows.
The 1987-built garden-style community encompasses six two-story buildings across 4 acres at 9240 E. Redfield Road. Floorplans combine 66 one-bedroom and 44 two-bedroom units, ranging from 700 to 903 square feet. All apartments offer air conditioning, as well as in-unit washers and dryers.
Residents have access to a fitness center, clubhouse, swimming pool, spa and 166 parking spaces.
The property is 12 miles from Scottsdale’s Old Town and roughly 28 miles northeast of downtown Phoenix. The large industrial and retail area around Scottsdale Airport is also 1 mile west of the property.
The ABI Multifamily team that arranged the transaction included Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick. Earlier this month, the same team negotiated the sale of a $104.5 million luxury community in Scottsdale.