SCOTTSDALE, AZ- Equity Residential Trust has continued its area sell-off, disposing of the 168-unit Scottsdale Meadows for $20.6 million. Buyer Aukum Management LLC of Larkspur, CA, has entered the region with this transaction.
Scottsdale Meadows was built in 1984 at 10888 N. 70th St. and according to Brad Goff with Apartment Realty Advisors, the property attracted 22 offers. "The reason is because that's what everyone is looking for, a B property in an A location," Goff tells GlobeSt.com. "That brings a lot of buyers because there's little restriction in terms of location relative to rental rates."
Goff, who teamed with ARA's David Lord to represent Equity Residential in the transaction, goes on to say that Aukum Management had done business with EQR previously, plus it came to the table with a strong offer. Furthermore, "they offered the highest assurance of close," Goff remarks.
Business Real Estate Weekly reports that the transaction was paid for with a $15.4 million CME and portfolio loan issued through Walker & Dunlop LLC.
It's been previously noted that EQR is attempting to exit the Valley with its multiple sales. Goff says he's heard from sources that the Chicago REIT is leaving, but EQR's official story is that it plans to hang onto a few of the area multifamily properties. "They have six properties remaining in the area, and as of now, they're not listed for sale," Goff says adding that the portfolio is a mix of class A and class B multifamily properties.
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