SCOTTSDALE, AZ—Colliers International has been retained as the exclusive marketing agent for The Paragon at Kierland, a 276-unit Class A luxury apartment property, located at 15608 N 71st St. Jerry Tenge, senior vice president of multifamily investments with Colliers in Greater Phoenix, is representing the seller, Sunstone Realty Advisors of Vancouver, Canada. Tenge previously negotiated the acquisition of The Paragon on behalf of Sunstone in November 2009. The call for offers date is June 12, 2013

“The Paragon presents tremendous value-add opportunity as an investment property. The interiors underwent partial upgrades in 2008, but could continue to be further upgraded to improve rents, which already command a 25 % premium in Scottsdale over Greater Phoenix as a whole,” Tenge said. Alternatively, the complex could be completely upgraded and sold as condominiums.

Strengthening demand in the Kierland area has been attracting investors and developers, according to Pete O'Neil, research manager for Colliers. Tight Class A multifamily vacancy averages around 4.2 percent and rents exceed $1,100 per month in the area, supported by elevated household incomes and prominent area employers. “This condo-quality asset is one of the most attractive multifamily investment properties available in Scottsdale due to these strong operating fundamentals,” asserts Tenge.