SCOTTSDALE, AZ-Legacy Partners Residential of Foster City, CA beat out more than 15 potential buyers to purchase Miramonte Apartments for $10 million from an investment group based in Bellevue, WA.

“Apartment properties in Scottsdale are very hard to find. …They just don’t come on the market all that often and when they do, there’s a lot of interest,” says David Fogler, a senior vice president with Grubb & Ellis/BRE Commercial LLC. He and partner SteveNicoluzakis brokered the sale.

The 151-unit complex, situated at 8025 E. Lincoln Ave. on roughly four acres, is 95% occupied. “Miramonte is a class B property in a class A location,” Fogler says. The garden-style complex, built in 1983, is north of Downtown and centrally located in the city. It is right across the street from Silverado Golf Club andthe Indian Bend Wash greenbelt, which offers bike and jogging path and parks.

Miramonte consists of one studio unit, 88 one-bedroom apartments and 62 two-bedroom designs, averaging 785 sf. Average rents are $748 per month.

Fogler tells that Scottsdale is not only one of the most desirable places to live with a large employment base, but there is very little land left to develop in the area. “Owners don’t have to worry competitive properties,” he explains, “and there’s a built-in pool of residents.” According to Fogler, Legacy Partners Residential assumed an existing loan on Miramonte, which is the company’s sixth multifamily property in the Phoenix Valley.

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