RoseLawGroupReporter: Scottsdale Haciendas Condominiums & Townhomes in Scottsdale Arizona Sells for $9.25M
ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the bulk condominium sale of Scottsdale Haciendas, a condo conversion community that is located in Scottsdale, Arizona. The purchase consisted of 79 garden-style condominium and townhome units (out of an original 180 units total on the property) and transferred HOA control to the Buyer. Scottsdale Haciendas sold for $9,250,000, which reflects a price just over $117,000 per unit. The sale is the second condominium transaction brokered by ABI Multifamily in the past week, with the two sales combining for nearly $16M in transaction volume.
The Vancouver, Canada based Buyer, Reef Scottsdale LLLP, was attracted to the property’s “A” class Scottsdale location and all Two Bedroom unit mix. They will continue to operate the property as a rental community with the possible exit strategy of individual sales if the housing market continues to flourish. “Acquisition opportunities for Scottsdale apartments are few and far between. Much of the stock, like Scottsdale Haciendas, was converted to condominiums before the downturn. However, only about half of the units at Scottsdale Haciendas were sold to individual Buyers as the conversion happened relatively late in the last cycle. The limited supply of Scottsdale rentals coupled with billions of dollars currently being invested in development projects in the surrounding hubs of Old Town Scottsdale and ASU’s Tempe campus, appealed strongly to the Buyer” according to Doug Lazovick, Partner at ABI Multifamily.