CBRE has completed the sale of the Jefferson at One Scottsdale apartment community. The 388-unit multifamily complex commanded a sale price of $88 million.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction. The seller was JPI of Irving, TX. The buyer was Newport Beach, CA-based Olen Properties.
“Jefferson at One Scottsdale is a great example of the health of the Valley’s multifamily sector. Fundamentals that drive multifamily demand in Phoenix are job growth and population growth,” said CBRE’s Cunningham. “This property is located within the Scottsdale Airpark office submarket, which is home to over 70,000 jobs, major corporate employers and several corporate and regional headquarters. As the Valley’s economy continues to improve and with healthy job growth in Scottsdale, Jefferson at One Scottsdale is well positioned to capitalize on sustained demand for multifamily housing.”
Developed in 2014 by JPI, Jefferson at One Scottsdale is located in the desirable Scottsdale Airpark submarket. Units offer large open floor plans with premier interior finishes including granite and quartz countertops in kitchens and baths, stainless steel appliances with double ovens, pendant and under-cabinet lighting, crown molding, premium wood-inspired plank flooring. They units also offer residents full-size washers and dryers, private balconies and patios with storage, and stunning McDowell mountain views.
Jefferson at One Scottsdale is part of the 120-acre One Scottsdale mixed-use development that is zoned for 1.8 million square feet of specialty retail, dining and Class A office space, as well as a 400-room boutique hotel. The property is also within minutes of the high-end retail and entertainment areas of Scottsdale 101, Kierland Commons, Scottsdale Quarter and the Promenade.