ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $104,500,000 / $316,667 Per Unit / $400.24 Per SF sale of Sky Ancala Apartments in Scottsdale, Arizona. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and seller in this transaction.
Built in 1988, Sky Ancala Apartments feature 330 units arranged in 20 two-story buildings with wood frame construction, stucco exterior finishes and flat roofing situated on just under 14 acres of land. The property unit mix includes 166 one-bed/one-bathroom, 164 two-bed/two-bathroom units with a weighted average size of 791 SF. All units include an in-suite washer and dryer. Common area amenities include a business center, coffee bar, sky lounge, picnic area with barbecues, fitness center, resort-style pool, dedicated leasing office and covered parking.
“The Sky Ancala sales price is a testament to the excellent demographic trends, growing demand, and increasing value of the North Scottsdale submarket,” says ABI Multifamily’s Rue Bax. “A sales price of over $100 million is certainly noteworthy, but something we expect to see more of, as Arizona multifamily continues its upward trend.”
Sky Ancala Apartments is located on Frank Lloyd Wright Boulevard, with easy access to the 101 freeway, giving residents easy access to all the amenities Scottsdale has to offer. The nearby surroundings offer upscale shopping, restaurants, spas, healthcare facilities and many recreational activities. Sky Ancala Apartments is located near a collection of some of Scottsdale’s most premium retail centers which include the Scottsdale Quarter, one of the top outdoor shopping centers of the area and includes retailers such as Apple, West Elm, Urban Outfitters, True Foods Kitchen, and Grimaldi’s. Residents also have a short drive to Scottsdale Airport, Talking Stick Resort, Salt River Fields at Talking Stick, Topgolf, Gainey Ranch Golf Club, and OdySea Aquarium. The gated and master-planned community, Ancala, is located right behind Sky Ancala Apartments. The Ancala community is known for The Ancala Country Club, which offers an 18-hole championship golf course. With its great location, spectacular scenery, and outstanding amenities, Sky Ancala Apartments offer a luxury lifestyle for residents.
“This area has seen rents increase 20 percent over the past year, and annual rent increases of 4.6 percent are predicted for the next 5 years,” says ABI Multifamily’s Alon Shnitzer. “With an expected population increase of nearly 10 percent over the next 5 years in the vicinity of this property, and current 96.9 percent occupancy rates in this submarket, the fundamentals are definitely there.”
The buyer is based in California and the seller is based in Canada.