ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $35,000,000 / $318,182 Per Unit / $417.23 Per SF sale of 92Forty Scottsdale Apartments, a 110-unit multifamily apartment property located in Scottsdale, Arizona. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick facilitated the transaction.
92Forty Scottsdale Apartments is a 110-unit garden-style apartment community located in the exceptional North Scottsdale submarket of Scottsdale, Ariz. Built in 1987, the property is constructed of wood frame/stucco with pitched composition shingle roofs, The unit mix consists of 66 one-bedroom / one-bath units and 44 two-bedroom / two-bath units averaging 763 square feet. Each unit is individually metered for electricity and has individual HVAC’s and hot water heaters. 92Forty’s units are equipped with air conditioning / heating, balcony / patio, ceiling fans, vaulted ceilings, walk-in closet, wood-style flooring, high speed internet access in addition to kitchens featuring a refrigerator, dishwasher, microwave, oven / range, garbage disposal, and pantry. All units feature washer / dryer appliances. The community also provides its residents with a sparkling swimming pool and spa, fully equipped fitness center, renovated leasing center with 24/7 package locker system, reserved covered and open parking, and open green space.
Situated within a mile from the US-101 and near the major thoroughfare of North Frank Lloyd Wright Boulevard, residents have easy access to both the Phoenix Valley and amenities of the North Scottsdale submarket, an area characterized by high median household incomes of over $97,000. The property is located centrally to a collection of some Scottsdale’s most premium retail centers which include the Scottsdale Quarter, Scottsdale Promenade, and Kierland Commons. Major employment drivers in the area which include the Scottsdale Airpark and the HonorHealth Scottsdale Shea Medical Center. Furthermore, a multitude of entertainment opportunities are located within a 15-minute drive which includes the Talking Stick Resort, Topgolf, OdySea Aquarium, numerous golf courses, and the spring training home of both the Arizona Diamondbacks and Colorado Rockies at the Salt River Fields at Talking Stick.
The buyer is based in New York and the seller APRA Capital, LLC based in California.