SCOTTSDALE, AZ-After an abbreviated due diligence period and speedy closing, PASSCO Companies LLC has acquired Desert Parks Vista Apartments for $32.6 million, which translates into a sub-6% cap rate.
The Irvine, CA-based investor bought the 202-unit luxury community from PB Bell Cos. in an all-cash transaction. The property is located within the exclusive DC Ranch master-planned community.
“By anyone’s measure, this is the finest apartment property in the state of Arizona,” says Gary Goodman of PASSCO. “This property is so unique in that it’s the only multifamily property to be built in DC Ranch, which is one of the highest income areas in Scottsdale. If you want to be a renter in DC Ranch you have one option and that’s our property.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
