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SCOTTSDALE – A Chicago investment firm outdid 12 other investors to take ownership of the 200-unit Alexan at Frank Lloyd Wright, paying $23 million in cash for the 94% occupied luxury property with a prime North Scottsdale address.

“Its an awesome location,” Tyler Anderson, with CB Richard Ellis’ Phoenix office says of the 15600 N. Frank Lloyd Wright Blvd. complex. “And it’s a unique asset in that it is 100% comprised of townhouse units with direct access garages.”

The luxury, class A complex drew about 12 interested buyers, three of which came in with the same $23-million offer, Anderson says. Seller Trammel Crow, of Scottsdale, selected Heitman of Chicago, a pension fund advisory firm, as the new owner because of Heitman’s ability to close the deal, he notes.

Located at Frank Lloyd Wright Boulevard and the Loop 101, the mix of one, two and three- bedroom townhouse units feature garages, fireplaces, washers and dryers, a media center, clubhouse, pool and spa. Rents at the complex average $1,110 per month.

Anderson, along with CB Richard Ellis colleague Sean Cunningham, negotiated the transaction on behalf of the seller. The buyer was self-represented.

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