Scottsdale Apartments Change Hands
Scottsdale 59, a 360-unit community previously known as Sun King Apartments, traded for $35.1 million.
Scottsdale, Ariz.—Baron Properties is the new owner of Scottsdale 59, a 360-unit community in Scottsdale, Ariz. CRS Scottsdale sold the property formerly known as Sun King Apartments for $35.1 million. The transaction was arranged by Institutional Property Advisors (IPA), a division of Marcus & Millichap, focusing on serving institutional and major private real estate investors.
The community is located at 5900 East Thomas Road, on roughly 13 acres of land, adjacent to the Arizona Country Club and less than 3 miles away from downtown Scottsdale. Amenities include a clubhouse, a fitness center, a tennis court, a swimming pool with spa and 504 parking stalls. The property offers studio, one- and two-bedroom units with walk-in closets and spacious patios or balconies. Select units feature resurfaced laminate countertops, upgraded light fixtures and wood-style vinyl flooring.
“Completed in 1973, this asset was held and operated by previous ownership for more than 16 years, a virtually unheard of duration in Greater Phoenix’s high-velocity multifamily sales environment. New ownership is in position to transform the property by further establishing the finish level that the previous owner initiated and by substantially repositioning the living spaces and common area amenities with successively higher levels of improvements,” Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix, said in a prepared statement.
David joined hands with Steve Gebing, IPA senior director, to represent the seller and procure the buyer. According to Yardi Matrix data, the transaction was subject to a $30.1 million loan held by PrivateBank with a maturity date in 2020.
Image courtesy of Yardi Matrix