"We think Phoenix metro market is attractive," says J.P. Josephson of Montecito. "We'd like to make more investments there." Montecito bought 96%-leased Scottsdale Cove at 9450 E. Becker Ln. from San Francisco-based BRE Properties Inc., which had Tyler Anderson and Sean Cunningham in CB Richard Ellis Inc.'s Phoenix office running the sale.
The North Scottsdale address definitely weighed on the decision to buy. "We think the location is phenomenal," Josephson says.
Industry experts say the property's infill location, amidst upscale single-family homes and the amenity package, creates an opportunity for condominium conversion. There's strong speculation in the marketplace that Montecito will undertake a conversion.
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