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160 Units Net $100,000 More Than $12M List

SCOTTSDALE, AZ-A 160-unit, class B complex falls out of escrow twice before passing to a 1031 exchange buyer from Los Angeles. The buyer pockets keys to the Scottsdale Apartments, a 95%-leased, class B project along East McDowell Road.

By Jennifer D. Duell | Updated on July 26, 2005

SCOTTSDALE, AZ-The Scottsdale Apartments, a 160-unit, class B complex, has traded hands for $12 million. Paradise Pines Apartments LLC of Los Angeles has paid $100,000 more than the list price.

“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.

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