PHOENIX—Santa Monica-based Wood River Properties purchased Miramonte Apartments, located in central Scottsdale, from Seattle-based Security Properties for $18.5 million. ABI Multifamily 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 buildings and a dedicated leasing office. The apartments were built in 1983 and fully renovated in 2006. Miramonte sits in the heart of a major north/south thoroughfare and within minutes of the Loop-101. Some of the major employers and retail centers  in the immediate area include Pima Center, Scottsdale Spectrum, and Gainey Ranch Corporate Center. Within a four mile radius of the community there are more than 70 companies employing 20,000 people. The community also is in close proximity to one of the major economic hubs of the valley in the Greater Scottsdale Airpark, which is home to more than 50,000 jobs and one of the more significant employment concentrations in the Phoenix Metro.

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