IMT Capital Buys Phoenix-Area Community for $96M
The asset traded at a big discount to its previous sale price.
The Hadley North Scottsdale, a 240-unit community in Scottsdale, Ariz., has recently changed hands. IMT Capital acquired the asset for $96 million from a private owner, according to Yardi Matrix information. Institutional Property Advisors represented the seller and procured the buyer.
The property previously traded in May 2022, when Liv Communities sold it for $145 million or $604,167 per unit, the same source shows. The buyer financed the transaction with an $87.3 million loan originated by Heitman.
Dating back to 2014, the Class A community encompasses four mid-rise buildings spread across more than 6 acres. Units consist of one-, two- and three-bedroom layouts that range between 539 and 1,349 square feet and feature walk-in closets and private balconies or patios.
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Common-area amenities include a fitness center, clubhouse with conference room and workstations, swimming pool and spa with firepit, barbecue area and private cabana. Additionally, the property has a game room, rooftop and outdoor lounges, a dog park, EV charging stations and some 400 parking spaces.
The community, now rebranded as IMT North Scottsdale, is at 15509 N. Scottsdale Road, within walking distance of The Shops at Zocallo and the Scottsdale Quarter shopping center. Scottsdale Airport is less than a mile away, while downtown Scottsdale is some 10 miles south.
IPA Executive Managing Directors Steve Gebing and Cliff David facilitated the deal. Last month, the duo was also part of the team who represented APRA Capital in the $59.8 million sale of a 330-unit community in Tucson, Ariz.
Lower transaction volume, higher prices
The Phoenix market saw seven communities—almost 1,700 units—sell year-to-date through March for a combined $559.3 million, Yardi Matrix data shows. The sales volume was smaller than the one recorded during the same period of 2023, when 12 properties changed hands for $735.3 million. However, the average price per unit considerably rose year-over-year from $252,504 to $330,384.
In one of this year’s first quarter deals, Ideal Capital paid $108 million for a 325-unit luxury community in Glendale. The buyer took out a $60 million Freddie Mac loan to finance the acquisition.
Other recent transactions in the area include Olympus Property’s purchase of a 291-unit luxury property in Chandler. Wood Partners sold the recently completed asset for $94.5 million.
