Oxford Properties Group has made another acquisition in the Phoenix area as part of its goal to reach a 15,000-unit residential portfolio in the U.S. by 2025. According to Yardi Matrix data, the company acquired the 285-unit Scottsdale Grand from Kaplan Cos., who was represented by CBRE.
The 239,000-square-foot community offers studio, one- and two-bedroom units that range in size from 554 to 1,505 square feet. The apartments were built with keyless entry, walk-in closets and washer and dryer sets with some offering rooftop terraces, USB outlets and Bluetooth speakers. Scottsdale Grand was also built with a pool, fire pit, conference room, gaming room, pet spa, coffee bar, fitness center, package concierge and bike storage among other amenities.
Located at 15501 N. Dial Blvd. in Scottsdale, Ariz., the community is roughly 10 miles away from downtown Scottsdale and more than 20 miles away from downtown Phoenix. Scottsdale Grand is also located near Route 101 and the Scottsdale Airport.
Jeff Turkanis, Oxford’s head of U.S. residential, said in prepared remarks that the company saw tremendous growth in Phoenix and was committed to similar markets that showed favorable migration trends as well as growth in population and employment, especially within the STEM sector.
REACHING 15,000 UNITS BY 2025
The acquisition of Scottsdale Grand is Oxford’s second multifamily acquisition in the Phoenix area for 2021 following its purchase of Ten01 on The Lake. The company acquired the 523-unit community in Tempe, Ariz., for $146 million from PGIM Real Estate in January. Turkanis said in prepared remarks that the company had set a strategic priority of creating a 15,000-unit portfolio in the U.S. by 2025.
“To back our U.S. strategy, we will continue to explore a mixture of both acquisition and development opportunities in markets supported by favorable trends, including continued expansion in cities such as Austin, Denver and Atlanta,” Turkanis told Multi-Housing News.
Outside the U.S., Oxford also raised $345 million for its U.K. multifamily platform called Get Living that focuses on built-to-rent properties. Last month, the company also launched its built-to-rent management platform in Australia that is expected to grow towards a portfolio of 5,000 units in the country. Globally, Oxford has a near-term development pipeline of more than 8,000 units which will be added to its existing portfolio of more than 13,000 apartments in several continents.