Las Hadas Apartments | 9240 East Redfield Road, Scottsdale, AZ 85260 | 110 Units | $19,000,000 | $172,727 Per Unit | $221.11 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – January 28, 2020: ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western US – is proud to announce the $19,000,000 / $172,727 per Unit / $221.11 per SF sale of the Las Hadas Apartments in Scottsdale, AZ.
The property was built in 1987 and includes 110 units with craftsman-style architecture on beautifully manicured grounds. Located just over a mile from the Scottsdale Airpark, anchored by the Scottsdale Airport, the hub is one of the largest employment centers in the state of Arizona encompassing 8.6 square miles and over 2,900 businesses employing more than 51,000 people. Additionally, the Scottsdale Quarter, Kierland Commons and the Scottsdale Promenade, some of the valley’s most premier retail centers are all within a few miles from the property.
The property features a mix of one-bed/one-bathroom and two-bed/two-bathroom units with an average size of 781 SF, all with in-suite washers and dryers. Common area amenities include a resort style swimming pool, hot tub, BBQ area, fitness center and clubhouse with workspace. The lush green grounds provide a park like atmosphere not typically seen in Phoenix market communities.
Regarding the transaction, Eddie Chang said, "Las Hadas is a phenomenal value-add opportunity that has been owned since 1990 by the same owner who took great care of the asset. A vast majority of comps within a three-mile radius is 90s or newer vintage, providing an ample rent ceiling”.
“The North Scottsdale submarket has seen tremendous growth year after year. In just two years, rent has grown 15.4% while 2019 finished with an average rent of $1,501 in North Scottsdale” Alon Shnitzer added.
The Buyer, APRA Capital, LLC, is a multifamily investment group based in Southern California. “The Phoenix market continues to show strong signs of continued growth and we remain bullish on investing in the MSA. Las Hadas is an excellent addition to our value-add portfolio and serves as a perfect example of our commitment to our ongoing business plan.” Said Amit Patel APRA Capital’s Principal & Co-Founder. The Seller is a private investor based in Arizona.
ABI Multifamily’s Eddie Chang, Alon Shnitzer, Rue Bax, John Kobierowski and Doug Lazovick represented both the Buyer and Seller.
ABI Multifamily (http://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson, Sacramento and San Diego, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.