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SCOTTSDALE, AZ-A 250-unit luxury apartment community in the heart of Scottsdale brought in $29 million for seller Atlanta-based Trammell Crow Residential in an all-cash deal brokered by CB Richard Ellis Inc.

Henderson Investors of North America bought the two-year-old upscale property, known as Alexan Scottsdale Civic Center, on behalf of Casa Group LLC of Chicago. The deal took six months to negotiate, Tyler Anderson with Los Angeles-based CB Richard Ellis’ Phoenix office tells GlobeSt.com.

Anderson, who along with Sean Cunningham represented the seller in the transaction, says the property, located at 4111 N. Drinkwater Blvd. near Indian School Road and the Scottsdale Civic Center offers a prime Scottsdale address along with upscale amenities to residents. With controlled access, a heated pool, a private espresso bar and full-service business and fitness centers, the community has something for just about everyone.

Luxury one-, two- and three-bedroom apartments feature tiled entries, 9-foot ceilings, oval tubs, kitchen islands and laundry facilities. Rent averages about $1,175 per month. Penthouse units with recessed lighting, custom closets and dual patios in some units, are also available.

About 92% of the community is occupied, Anderson says. “It’s basically a resort location,” he added. “Its urban design is unique for downtown Scottsdale.”

Aside from all the amenities, the community also offers close access to some of the finest restaurants and shopping in Old Town Scottsdale, where its trendy art galleries and fine dining are just a few blocks south of the Alexan. Also nearby are the upscale Fifth Avenue shops and renowned Fashion Square Mall.

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