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AEW Capital's $26M Wins Face-Off for 272-Unit Complex

SCOTTSDALE, AZ-Up against 15 others, the Boston-based pension fund adviser raises the ante to $25.8 million to win title to the Highlands, a 14-year-old development that's one of the few rental properties left in the area.

By Jennifer D. Duell | Updated on January 24, 2005

SCOTTSDALE, AZ-AEW Capital has expanded its multifamily portfolio in the Valley, paying $25.8 million for the Highlands, a 272-unit class A-minus complex. The seller is New York City-based Sentinel Real Estate Corp.

The Boston-based AEW Capital outbid 15 others to claim title to the 14-year-old complex at 15255 N. Frank Lloyd Wright Blvd. in Scottsdale, says Brad Goff, a vice president with Trammell Crow Co. “I thought the Highlands would trade to a condo converter because they’ve been the highest offers on previous transactions,” he tells GlobeSt.com. “But AEW came in with the highest offer.” The pension fund adviser plans to continue to operate the Highlands as a rental property.

The 13.3-acre Highlands consists of 82 one-bedroom units, ranging from 763 sf to 863 sf; 156 two-bedroom units, 1,025 sf to 1,090 sf; and 34 three-bedroom apartments with 1,257 sf. The average unit is 1,004 sf. The average rent is 85 cents per sf or $851 per month. The property was 96% occupied at closing.

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