Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Dwell, a 193-unit multifamily asset in Scottsdale, Arizona. The $41.6 million sales price represents $215,544 per unit.
“Developed in 1963 and 1975, Dwell provides the buyer with a substantial value-add upside opportunity that includes upgrading approximately 80 percent of the unit interiors,” said Steve Gebing, IPA executive managing director. “The property is supported by Scottsdale’s exceptional demographics, such as average and median annual household incomes of $145,900 and $91,000, respectively.” Gebing and Cliff David, IPA executive managing director, represented the seller, Avanti Residential, and procured the buyer, 29th Street Capital. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant and Jake Vitta arranged acquisition financing.
Located close to the intersection of McDowell Road and Scottsdale Road, the property is less than a half-mile from SkySong, the Arizona State University (ASU) Innovation Center. ASU’s Tempe campus and the Phoenix area’s most prominent submarkets, including
lakeside employment in North Tempe, Midtown and Downtown Phoenix, and Downtown Scottsdale are nearby. Employers such as State Farm, Banner Health, Honeywell, Bank of America, American Express, Dignity Health, and JPMorgan Chase are within commuting distance.
Dwell’s community amenities include three swimming pools, three on-site laundry facilities and a new fitness center. Apartments have vaulted ceilings, stainless-steel appliances, and hardwood-style vinyl flooring. The average unit size is 636 square feet.