Revival on Scottsdale | 7220 East McKellips Road, Scottsdale, AZ 85257 | 131 Units | $17,600,000 | $134,351 Per Unit | $312.89 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
ABI Multifamily Brokers 131-Unit South Scottsdale Apartment Property for $17,600,000
Phoenix, AZ. (March 8, 2021) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is proud to announce the $17,600,000 / $134,351 Per Unit / $312.89 Per SF sale of Revival on Scottsdale in Scottsdale, Arizona.
Converted to apartments in 2016, Revival on Scottsdale features 131 units arranged in 8 two-story buildings with wood frame construction, stucco exterior finishes and pitched tile roofing situated on approximately 5.13 acres of land. The property features 77 studio and 54 one-bed/one-bathroom units with an average size of 391 SF. Common area amenities include: A dedicated leasing office, laundry facilities, tennis and basketball courts, and two swimming pools.
Revival on Scottsdale is located on McKellips Road and just a short drive from Downtown Phoenix, Arizona State University, The Phoenix Zoo, Papago Golf Course, Fashion Square Mall, and Sky Harbor International Airport through the major thoroughfares of the AZ-202, 143 Expressway, I-10, AZ-51 and AZ-101 freeways.
Eddie Chang, Partner at ABI, said, "This is a fantastic value add opportunity in a premier location for the buyer. Scottsdale properties are hard to come by and with exposure off Scottsdale Road and close proximity to Old Town Scottsdale and ASU, they are poised to do very well with this asset."
Doug Lazovick, Partner at ABI, added, "The seller's vision was paramount in converting the property from hospitality to the very desirable multifamily asset type. The asset's curb appeal from acquisition to disposition is night and day.”
ABI Multifamily's Eddie Chang, Doug Lazovick, John Kobierowski, Alon Shnitzer, and Rue Bax represented the buyer and seller.
The buyer is based in Texas and the seller is based in Arizona.
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.