PHOENIX—Santa Monica-based Wood RiverProperties purchased Miramonte Apartments, located incentral Scottsdale, from Seattle-based SecurityProperties for $18.5 million. ABIMultifamily represented the buyer in the transaction.

Miramonte is located at 8025 E. Lincoln Dr. in Scottsdale.The property sits on nearly 6 acres of land with 11 total buildingsand a dedicated leasing office. The apartments were built in 1983and fully renovated in 2006. Miramonte sits in the heart of a majornorth/south thoroughfare and within minutes of the Loop-101. Someof the major employers and retail centers in the immediatearea include Pima Center, Scottsdale Spectrum, and Gainey RanchCorporate Center. Within a four mile radius of the community thereare more than 70 companies employing 20,000 people. The communityalso is in close proximity to one of the major economic hubs of thevalley in the Greater Scottsdale Airpark, which is home to morethan 50,000 jobs and one of the more significant employmentconcentrations in the Phoenix Metro.

“Over the past 12 months the property maintained an averageoccupancy of over 95%. The market fundamentals in the PhoenixMetropolitan area and especially in Scottsdale are very strong andI believe we are going to continue to see strong year-over-yeargrowth for quite some time. Fully appointed communities inexcellent Scottsdale locations, such as Miramonte, are and havetraditionally always have been highly sought after by a variety ofinstitutional and high net-worth private capital investment groups.The buyer, Wood River Properties, was excellent to work with andtheir execution was exceptional. This was a very excitingtransaction to facilitate and be a part of,” says AlonShnitzer, senior managing partner at ABI the lead brokerrepresenting the buyer for this transaction.