SCOTTSDALE, AZ-A JPI-owned multifamily complex in Scottsdale has set a record sales price in the region, fetching $54 million for its Irving, TX-based developer and owner.
James Almon, a private investor from Seattle, has purchased the Jefferson at Scottsdale, a 539-unit complex at 17212 N. Scottsdale Rd. The sale price equates to $100,185 per unit, perhaps the highest ever paid. The average price paid for complexes built in the past six years is $73,540 per unit, according to a survey of 2000 sales by Hendricks & Partners.
The complex, developed by JPI in 1999, is located just north of Frank Lloyd Wright Boulevard in the city's northern tier and west of the Tournament Players Club golf course and Fairmont Scottsdale Princess Resort. It is in one of the most upscale parts of the Valley, surrounded by mostly multi-million homes.
Apartments in north Scottsdale command the highest average rents in the Valley, $838 per month in comparison to the $668 per month average. The vacancy rate in north Scottsdale apartments came down 1.4 percentage points in 2000, to a rate of 7%. That compares to an overall vacancy rate of 6.6% Valleywide. Brokers Bob Bruno and Mark Forrester of the Phoenix office of Hendricks & Partners have negotiated the sale.
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