SeventyOne15 McDowell in Scottsdale Sells for $150M
274-unit multifamily asset sells for $547,445 per unit
SeventyOne15 McDowell, a newly built, 274-unit multifamily asset in Scottsdale, Arizona sold for $150 million, or $547,445 per unit. Industrial Property Advisors (IPA) brokered the deal.
“Phoenix will again record one of the highest rates of in-migration in the country this year and Scottsdale is one of the area’s most appealing live-work-play destinations for high-wage earning professionals,” said Steve Gebing, IPA executive managing director. “Developed by Alliance Residential, SeventyOne15 McDowell features best-in-class design and construction with luxury interior and common area amenities. The property is poised to benefit from the business and academic partnerships that are driving South Scottsdale’s economic resurgence.” Gebing and IPA executive managing director Cliff David represented the seller and procured the buyer.
Completed in 2022, the property is located near SkySong, a 1.2 million-square-foot ASU Scottsdale Innovation Center. Old Town Scottsdale and South Scottsdale employment corridors are nearby, along with major area employers General Dynamics, HonorHealth, Vitalant, Yelp, Indeed, Banner Health, and Opendoor. Old Town Scottsdale, home to designer art galleries, nightlife, and Scottsdale Stadium is less than three miles away.