JLB Partners has sold Roadrunner on McDowell, a 356-unit luxury community in Scottsdale, Ariz., for $193.5 million, equaling $543,539 per unit. This marks the highest price for an apartment building and the second-largest single asset multifamily sale overall in the state’s history.
Completed this year, on an 11.5-acres site, the garden-style property comprises one- and two-bedroom apartments, ranging from 620 to 1,195 square feet with high-end finishes, walk-in closets, private patios or balconies and city views and walk-in showers in selected units.
Common-area amenities include a pool and spa with private poolside cabanas, outdoor entertainment with social seating, barbecue grilling stations, clubhouse, dedicated co-working area with individual offices and a conference room.
Located at 6601 E. McDowell Road, the property is close to numerous green areas, within 2 miles of Papago Park, Phoenix Zoo and less than a mile from Desert Botanical Garden. Old Town Scottsdale and Scottsdale Stadium are within 3 miles of the community, offering easy access to entertainment and dining options.
Executive Managing Directors of Investments Steve Gebing and Cliff David of Institutional Property Advisors led the transactions. Roadrunner on McDowell aims to attract a top-tier resident profile and high-wage earning professionals due to the roughly 15,500 businesses within a 10-mile radius and the area’s demographics, mentioned Gebing, in a prepared statement.
Just last month, the company sold another two properties, The Grid and Arc at The Grid, totaling 931 units in Stafford, Texas, for $118 million.