San Diego Medical Buildings LLC beat out several other bidders for "The Scottsdale" apartments, a recently renovated complex with easy access to both Scottsdale and Tempe. "We had very strong interest in this property, probably seven to 10 offers," Mark Forrester with Hendricks and Partners' Phoenix office tells GlobeSt.com of the 8550 E. McDowell Rd. complex. "It's a very strong site location. The drive-by traffic is enormous. General Dynamics is across the street and the (Loop 101) Freeway is a half mile away. It has all the ingredients you look for in location and quality of product."
Seller Scottsdale Apartment Associates LLC of St. Helena, CA recently renovated the complex, adding an exercise room and repainting interiors and exteriors. The complex is comprised of 160 studio, one- and two-bedroom units with monthly rents averaging $730.Forrester and Bob Bruno, also with Hendricks & Partners, represented the seller in the transaction. Cindy Cook with Colliers International in Phoenix handled negotiations for the buy side.
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