PHOENIX—Santa Monica-based Wood River Properties purchased Miramonte Apartments, located in central Scottsdale, from Seattle-based Security Properties for $18.5 million. ABI Multifamily represented the buyer in the transaction.

Miramonte is located at 8025 E. Lincoln Dr. in Scottsdale. The property sits on nearly 6 acres of land with 11 total buildings and a dedicated leasing office. The apartments were built in 1983 and fully renovated in 2006. Miramonte sits in the heart of a major north/south thoroughfare and within minutes of the Loop-101. Some of the major employers and retail centers in the immediate area include Pima Center, Scottsdale Spectrum, and Gainey Ranch Corporate Center. Within a four mile radius of the community there are more than 70 companies employing 20,000 people. The community also is in close proximity to one of the major economic hubs of the valley in the Greater Scottsdale Airpark, which is home to more than 50,000 jobs and one of the more significant employment concentrations in the Phoenix Metro.

“Over the past 12 months the property maintained an average occupancy of over 95%. The market fundamentals in the Phoenix Metropolitan area and especially in Scottsdale are very strong and I believe we are going to continue to see strong year-over-year growth for quite some time. Fully appointed communities in excellent Scottsdale locations, such as Miramonte, are and have traditionally always have been highly sought after by a variety of institutional and high net-worth private capital investment groups. The buyer, Wood River Properties, was excellent to work with and their execution was exceptional. This was a very exciting transaction to facilitate and be a part of,” says Alon Shnitzer, senior managing partner at ABI the lead broker representing the buyer for this transaction.