"It was just a competitive situation," Brett Zinn, an investment broker with Colliers International Inc., tells GlobeSt.com, adding the buyer stepped in after two others failed to close the deal for 8550 E. McDowell Rd. The 1031 exchange buyer sold two multifamily properties in Phoenix and deployed the gain to his first acquisition in Scottsdale.
The 95%-occupied Scottsdale Apartments offers a mix of a stable investment and upside, Zinn says. "As the market improves, concessions will go away and rental rates will increase," he says.
Situated on 5.3 acres, the complex features 12 studios of 430 sf; 47 one-bedroom units, 700 sf; 25 one-bedroom lofts, 894 sf; and 76 two-bedroom apartments, 947 sf. Monthly rents range from $400 and $789.
The seller was San Diego Medical Buildings LLC, a company created by Dr. David Smith of San Diego. Zinn and Cindy Cooke represented Smith. Julie Vaughn of Sperry Van Ness brokered for the buyer.
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