JLB Partners Sells Scottsdale Multifamily for $260M

The sale of the 369-unit community represents the largest single-asset core multifamily sale in Arizona’s history.

SCOTTSDALE, AZ – JLB Partners has sold the 369-unit multifamily property, The Moderne, in Scottsdale, AZ for $260 million.

The transaction represents the largest single-asset core multifamily sale in Arizona’s history, with a sales price that equates to $704,607 per unit.

The Moderne offers residents a resort-style pool and spa, a resident clubhouse, wellness center, electric car charging stations, private garages and a leasing office. The property’s units features nine-foot-plus ceiling heights, in-unit washers and dryers, hardwood flooring, walk-in closets with custom wood shelving and private patios. Select units feature integrated desks and bookshelves, built-in wine racks, pass-through laundry chutes, and private yards.

JLB Partners originally developed the mid-rise asset in 2015.

“We were fortunate to have support from the city of Scottsdale and surrounding neighbors when we started this project in 2013,” states Kevin L. Ransil, Arizona partner for JLB Partners. “The community is a timeless addition to the exciting fabric of Downtown Scottsdale, which keeps getting better. We’re excited about the future for the new buyers.”

Located near the prominent intersection of Scottsdale Rd. and Camelback Rd., the property is additionally situated near the 1.9 million-square-foot Scottsdale Fashion Square, and the Old Town Scottsdale and Scottsdale Waterfront areas. The asset offers access to employment corridors, including Camelback Corridor.

Executive managing directors of Institutional Property Advisors, a division of Marcus & Millichap, Steve Gebing and Cliff David represented the seller and procured the buyer for the transaction.

“One of only 10 assets constructed in Downtown Scottsdale over the last 20 years, The Moderne is an iconic, generational multifamily asset that pairs high-end finishes with walkability to the state’s top luxury retail shopping destination, Scottsdale Fashion Square,” says Gebing. “The scarcity of developable land, coupled with local government policy and competitive shelter from future multifamily supply make this asset an exceptional core investment.”

“Characterized by its high-value real estate, best-in-class employment opportunities and leisure activities, Scottsdale is the most coveted submarket in Arizona,” states David. “Outsized rent growth forecasts for the city reflect the area’s imbalance of multifamily supply and submarket demand.”