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California Buyer's $10M Stakes Sixth Valley Buy

SCOTTSDALE, AZ-Legacy Partners Residential expands its portfolio in the Valley with the acquisition of the 151-unit Miramonte Apartments. More than 15 offers rolled through the door for the 95%-leased holding.

By Jennifer D. Duell | Updated on November 08, 2004

SCOTTSDALE, AZ-Legacy Partners Residential of Foster City, CA beat out more than 15 potential buyers to purchase Miramonte Apartments for $10 million from an investment group based in Bellevue, WA.

“Apartment properties in Scottsdale are very hard to find. …They just don’t come on the market all that often and when they do, there’s a lot of interest,” says David Fogler, a senior vice president with Grubb & Ellis/BRE Commercial LLC. He and partner SteveNicoluzakis brokered the sale.

The 151-unit complex, situated at 8025 E. Lincoln Ave. on roughly four acres, is 95% occupied. “Miramonte is a class B property in a class A location,” Fogler says. The garden-style complex, built in 1983, is north of Downtown and centrally located in the city. It is right across the street from Silverado Golf Club andthe Indian Bend Wash greenbelt, which offers bike and jogging path and parks.

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