October 21, 2013 – Cassidy Turley, a leading commercial real estate provider in the U.S., has sold a 5.4 acre multi-family development site approved for 316 units at 75th Street and Stetson Drive in Downtown Scottsdale. A partnership formed by Alliance Residential (Bruce Ward, Bob Hutt, Jay Jimenez, Ian Swiergol) purchased the property for $18,500,000, $78.50 per square foot, and $58,544 per unit. Executive Vice Presidents David Fogler and Steven Nicoluzakis with Cassidy Turley Arizona’s Multi-Family Investment Group and Don Arones, with Cassidy Turley’s Office Group, brokered the transaction on behalf of the Seller – Equity Partners Group (Steven Yari, Shawn Yari, Bob Agahi), a division of Triyar Companies of Scottsdale.
“This is a premier multifamily development site located in the center of the Entertainment District in Downtown Scottsdale. With the entitlements that were in place and the development expertise of Alliance Residential, this will prove to be one of the leading multifamily projects in the market.” according to Nicoluzakis.
Alliance Residential intends to break ground on the development later this year.