"Apartment properties in Scottsdale are very hard to find....They just don't come on the market all that often and when theydo, there's a lot of interest," says David Fogler, a senior vicepresident with Grubb & Ellis/BRE Commercial LLC. He and partnerSteveNicoluzakis brokered the sale.
The 151-unit complex, situated at 8025 E. Lincoln Ave. onroughly four acres, is 95% occupied. "Miramonte is a class Bproperty in a class A location," Fogler says. The garden-stylecomplex, built in 1983, is north of Downtown and centrally locatedin the city. It is right across the street from Silverado Golf Clubandthe Indian Bend Wash greenbelt, which offers bike and joggingpath and parks.
Miramonte consists of one studio unit, 88 one-bedroom apartmentsand 62 two-bedroom designs, averaging 785 sf. Average rents are$748 per month.
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