(To read more on the multifamily market, click here.)

SCOTTSDALE, AZ-As part of a partnership dissolution, ConAm Management Corp. of San Diego has sold its final area multifamily property, the 300-unit Scottsdale Crossing, for $34.5 million in an unpriced offering.

The buyer, MC Realty Advisors of Tucson, AZ, plans to convert the property, located at 5995 N. 78th St., into condominiums. The transaction is MC Realty Advisors' second from ConAm.

According to Tyler Anderson, executive vice president with CB Richard Ellis Co.'s Phoenix office, the 30-day marketing period for the property yielded 10 offers. But "the relationship the buyer had already established with the seller on the Villages," prompting ConAm to choose MC, says Tyler, who with colleague Sean Cunningham, represented the seller in the transaction.

MC Realty Advisors, which is estimated to invest $15,000 to $20,000 per unit in upgrades and conversion, was self-represented. Anderson tells GlobeSt.com that outside of its partnership, ConAm has other properties in the area, but is uncertain at this point if the company wants to sell them.

"All the buildings they just sold were part of a partnership, which dissolved," he says, noting that Scottsdale Crossing was the final property to close. "There were 15 of them across the country, and they were all sold to condominium converters."

Built in 1981 and 1982 and remodeled in 2000, Scottsdale Crossing, with a vacancy rate in the high 90% range at closing, offers 92 one-bedroom units, between 560 sf and 680 sf, at an average rental rate of $610 to $661 per month; and 200 two-bedroom units, measuring between 900 sf and 1,000 sf at an average rental rate of $716 to $795 per month. Also included on the property are eight three-bedroom units, measuring 1,030 sf, at a rental rate of $980 per month.

Instant Insights /

GlobeSt.com EXCLUSIVE: 300-Unit Scottsdale Crossing Sells for $34M-Plus

Related Stories

Recommended For You