PHOENIX—Cushman & Wakefield of Arizona, Inc. completed the sale of Dwell Apartment Homes at 1923 N. 70th St.
The complex was constructed as two separate projects 1963 and 1975. They were later unified as one apartment complex. The recently renovated Dwell Apartment Homes development contains 193 modernized apartment units totaling 22,455 square feet. The property, which includes 32 buildings, is 93% occupied. The asset sold for $14 million.
Jim Crews, senior director with Cushman & Wakefield, tells GlobeSt.com, “The seller had owned this property for a while and monetized the asset. The buyer saw an opportunity for more value-add—but really, the sale was location oriented. That part of Scottsdale is really booming.”
3rd Ave. Investments of Phoenix purchased the property from FPA Multifamily, LLC, of San Francisco. The buyer acquired the property with an $11.48 million loan provided by Brandon Harrington and Matt Steffen of Walker & Dunlop in Phoenix.
“This community offers a modest interior rehab opportunity in an up-and-coming transitional neighborhood in South Scottsdale that synergizes with SkySong and the renaissance of the McDowell Road Corridor,” Crews further states.
According to Cushman & Wakefield's mid-year market overview, Metro Phoenix continues to experience job growth, adding 55,200 jobs in the past 12 months. Unemployment in the area declined to 4.6 percent, which is 90 basis points below the national average. Scottsdale, where Dwell Apartment Homes is located, has been a significant area of demand for office users.
Crews and Brett Polachek with Cushman & Wakefield's southwest multifamily advisory group successfully marketed the property for sale and negotiated the transaction. No additional brokers were involved with the sale.
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