Greater Phoenix Community Commands $35M
- Jun 26, 2019
MIG Real Estate has purchased Del Sol Apartments, a 168-unit community in Scottsdale, Ariz. Aukum Group sold the property for $34.5 million or $205,357 per unit. Institutional Property Advisors facilitated the transaction by representing the seller and procuring the buyer. According to Yardi Matrix data, the sale was subject to a $20.7 million Freddie Mac loan originated by CBRE Capital Markets. The asset last changed hands in 2013 for $20.6 million.
Located at 10888 N. 70th St., the 7.2-acre property is 6.5 miles north of downtown Scottsdale and 18 miles northeast of downtown Phoenix, close to the Scottsdale Airpark, the Kierland Employment Corridor and South Scottsdale. Many schools, churches, restaurants and retail options are within walking distance to the community. Kierland Commons and the Scottsdale Quarter, two large outdoor shopping centers, are less than 3 miles away. Phoenix Sky Harbor International Airport is within a 20-minute drive south.
Completed in 1984, Del Sol consists of 11 two-story buildings offering a mix of one-, two- and three-bedroom units with an average size of 890 square feet, per Yardi Matrix. Common-area amenities include two swimming pools, two spas, a fitness center, a clubhouse and 262 parking spaces. The property was 96.4 percent occupied in May.
IPA Senior Managing Directors Steve Gebing and Cliff David represented the seller and procured the buyer. In May, the same team facilitated the sale of another multifamily property in the metro area, when Verde Dimora, a 153-unit community in Mesa, Ariz., changed hands for $27 million.