SCOTTSDALE, AZ-A Scottsdale developer has scrapped plans to retain its 388-unit, class A apartment community in North Scottsdale’s prestigious Greyhawk master-planned community and will convert the units into condominiums that will come to market later this year.

Eric Inabinet with Capital Advisory Group tells that his firm recently provided owner Avenue Realty LLC with a $36.2-million condominium conversion bridge loan and a $10-million mezzanine loan on the Enclave Apartments at Greyhawk that will allow the developer to begin marketing the 900-sf to 1,600-sf, one- to three-bedroom units to buyers.

“It’s as nice as you can get in an apartment building. It’s probably one of the nicest assets in town,” said Inabinet, who has partnered with Scott McPherson in the Capital Advisory Group, which funded developer, Magellan Real Estate’s original construction loan. Inabinet said the complex is expected to generate between $73 million and $75 million when sold as condominiums.

David Dewar, a principal along with Ken Losch in both Magellan and Scottsdale-based Avenue Realty, tells that marketing of the condominiums, which are priced from $140,000 to $230,000, will begin later this year when his firm begins a “rent-to-own program” followed by a formal sales launch scheduled for early 2004.

Dewar said the property, designed as flats and townhomes, each with a garage, will be aimed at a spectrum of buyers, including second-home owners, investors and first-time buyers. “It will be very, very affordably priced in the North Scottsdale market, said Dewar, adding that the complex, built in 2000 near the Loop 101 and Scottsdale Road, is set in the Grayhawk community, laid out with an abundance of hiking trails and two 18-hole championship golf courses. The condos also feature two resort-style swimming pools, clubhouse with workout area and business center.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.