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.”
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