SCOTTSDALE, AZ-Ending a 10-year hold, a San Diego investor has parted with the 321-unit Regents at Scottsdale. The class A complex, fetching multiple offers, has sold for $52.96 million to an Idaho-based buyer.
Built in two phases during 1997 and 1998, Regents at Scottsdale at 15555 N. Frank Lloyd Wright Blvd. had a quick marketing period, but a long escrow. According to Mark Forrester, partner with the Phoenix office of Hendricks & Partners, there was nothing behind the longer escrow other than the seller wanting to ensure that all loose ends would be tied up before closing.
"This wasn't an overnight transaction, but it worked out fine," says Forrester, who with Dean Zander of the Los Angeles office of Hendricks & Partners represented the seller. Forrester tells GlobeSt.com the appeal for Brio Investments in Ketchum, was the attractive price, credible track record and willingness to close after the first of the year.
The buyer's experience in the region also played into the decision. "They own at least two other class A buildings out here," Forrester says. He adds the new owner, Regents Apartments LLC, is planning to make improvements to the property, but the details aren't available as yet.
Situated on 13 acres, the 95%-leased Regents at Scottsdale has one-, two- and three-bedroom apartments. The units range from 625 sf to 1,273 sf, with rents going for $765 to $1,190 per month.
Regents of Scottsdale is situated in an infill location near the 2,300-acre industrial Scottsdale Airpark and mixed-use, 730-acre Kierland. The multifamily property also is near hospitality sites, including Westin Kierland and J.W. Marriott at Desert Ridge.
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