PHOENIX—CBRE has completed the sale of the Sonoran Vista apartment community, a 264-unit apartment complex located at 9340 E. Redfield Rd. in Scottsdale. The multifamily asset, which is situated in the heart of the North Scottsdale submarket was 95 percent leased at time of sale. Public records indicate the sale price was $43 million.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE's Phoenix office represented the seller, a joint venture of Security Properties of Seattle and an institutional fund managed by Hunt Investment Management, the SEC-registered advisor of the Hunt Companies, based in Chicago. The buyer was San Francisco-based Aukum Management.
“Sonoran Vista is an extremely well-located asset that offers an excellent value-add opportunity and will continue to benefit from its location in one of the strongest employment corridors in the Valley,” says Cunningham.
Sonoran Vista is located on the eastern border of the Greater Scottsdale Airpark, a major employment hub in the Valley. Encompassing 26 million total square feet of office, retail and light industrial space and including more than 50,000 jobs, the area is home to several world headquarters and large employers. Additionally, last summer KUD International announced its intention to develop a biomedical campus on 225 acres north of the Loop 101 and west of Scottsdale Rd, about five miles away from the multifamily community. That development would bring 10,000 jobs to the area over the next ten years.
Developed in 1996, Sonoran Vista consists of 264 units comprised of a mix of one-, two- and three-bedroom floor plans that feature gourmet kitchens, nine-foot and vaulted ceilings, wood-burning fireplaces, walk-in closets and private patios and balconies. The community offers a resort-style swimming pool with spa and ramada with BBQ; a designer clubhouse with coffee bar, kitchen, lounge area, and recreation options; a 24-hour fitness center and a resident business center in addition to other amenities.
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