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SCOTTSDALE, AZ-A California investor has purchased the 160-unit The Scottsdale, paying $9.17 million.

Oliver Caldwell of San Francisco has paid more than $57,300 per unit to Sterling Financial Group, based in Scottsdale. The South Scottsdale complex is located at 8550 E. McDowell Road. The Phoenix office of Hendricks & Partners Inc., with brokers Bob Bruno and Mark Forrester, negotiated the sale.

The Scottsdale is just north of McDowell Road and east of Granite Reef Road. The apartments are about three miles north of Arizona State University and within two miles of Papago Park and the Rio Salado Project, which features a two-mile long lake.

While not as strong as the market in north Scottsdale, the city’s southern tier has one of the better submarket for apartments in the Valley. The vacancy rate at the start of the second quarter had been 6.5% and rents were up 2.9% over first quarter 2000′s monthly average. The average rent for an apartment in the south Scottsdale area is now about $806 per month in comparison to $682 per month Valleywide.

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