ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the sale of a premier luxury community in the heart of Central Scottsdale. This 151 Unit garden-style fully renovated multifamily community, located in an excellent in-fill area of Central Scottsdale – Miramonte Apartments – sold for $18,500,000, or approximately $122,500 per unit.
“Over the past 12 months, the property maintained an average occupancy of over 95%. The market fundamentals in the Phoenix Metropolitan area and especially in Scottsdale are very strong and I believe we are going to continue to see strong year-over-year growth for quite some time,” said Alan Shnitzer, Senior Managing Partner at ABI, representing the buyer for the transaction. “Fully appointed communities in excellent Scottsdale locations such as Miramonte, are and have traditionally always have been highly sought after by a variety of institutional and high net worth private capital investment groups. The buyer, Wood River Properties, was excellent to work with and their execution was exceptional. This was a very exciting transaction to facilitate and be a part of.”
ABI Multifamily played an integral part in bringing the deal to fruition in representing the buyer.
Miramonte is a luxury community located at 8025 East Lincoln Drive in Scottsdale, Arizona. The property was built in 1983 and fully renovated in 2006. Miramonte sits in the heart of the one of the most important north/south thoroughfares in the entire valley and within minutes of the Loop-101. Some of the major employers and retail centers in the immediate area include Pima Center (1.3M SF), Scottsdale Spectrum (257K SF), and Gainey Ranch Corporate Center (560K SF). Within a four mile radius of the community there are over 70 companies employing 20,000 people, including Scottsdale Healthcare Shea Medical Center (8,000+ employees), Talking Stick Resort (1,500 employees, Scottsdale Community College (1,300+ employees), and Scottsdale Insurance Co. (1,300 employees). In addition to significant growth and economic activity around Scottsdale Healthcare, the community also is in close proximity to one of the major economic hubs of the valley in the Greater Scottsdale Airpark, which is home to more than 50,000 jobs and one of the more significant employment concentrations in the Phoenix Metro.
The property sits on nearly six acres of land with 11 total buildings and a dedicated leasing office. Miramonte Apartments was constructed of wood frame and stucco. The property is a fully renovated Class B community with nine-foot ceilings throughout and stacked washers and dryers. Miramonte offers lush landscaping and a resort-style feel, including amenities such as heated pool area and 24-hour fitness center.
The buyer, Wood River Properties, based in Santa Monica, CA, is an experienced multifamily owner in the Phoenix metropolitan area.
The Seller, Security Properties, based in Seattle, WA, is a nationally recognized multifamily owner.
The Phoenix based ABI Multifamily brokerage team of Shnitzer, John Kobierwoski, Rue Bax, Doug Lazovick and Eddie Chang represented the buyer in this transaction. The Phoenix based CBRE team of Sean Cunningham, Tyler Anderson and Asher Gunter represented the seller in this transaction.