Phoenix-Area Asset Trades for $18M

Cushman & Wakefield’s David Fogler and Steven Nicoluzakis intermediated the sale of a 95-unit community in Old Town Scottsdale, Ariz.

The Winfield of Scottsdale

Cushman & Wakefield intermediated the sale of a newly renovated community in Scottsdale, Ariz. The firm’s Executive Managing Directors David Fogler and Steven Nicoluzakis represented the buyer—Farhad Shokoohi of Michigan. The seller is Scottsdale-based The Tanbic Co., according to Yardi Matrix.

The property had a price tag of $18.3 million, or $192,632 per unit, in which the buyer assumed the outstanding balance of a $6.3 million loan held by Fannie Mae, originally dated in March 2015. The 10-year loan bears interest at a rate of 3.7 percent and is set to mature in April 2025, according to Yardi Matrix data. 

The nine-building, 95-unit Winfield of Scottsdale was built in 1969 at 8021 E. Osborn Road, where it occupies nearly 4 acres. The unit mix comprises one- and two-bedroom floor plans that range from 520 to 946 square feet, featuring midcentury architecture, private patios, stainless steel appliances and Caesar stone countertops. Common-area amenities include a swimming pool, a fitness center, a dog park, grilling stations and 137 parking spaces.

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