Scottsdale Apartment Community Dwells under New Ownership
- Aug 13, 2015
By Liviu Oltean, Associate Editor
A multifamily community in South Scottsdale has proven to be the perfect fit for the portfolio of a local investor, as Cushman & Wakefield recently announced the sale of the Dwell Apartment Homes in Scottsdale, Ariz.
Dwell Apartment Homes was purchased for $14.3 million by 3rd Ave. Investments of Phoenix, which acquired two other multifamily communities in the region earlier this year. The seller was Fowler Property Acquisitions, which closed on the asset for $8.9 million in 2012.
The 193-unit property is located at 1923 N. 70th St. and features studio, one- and two-bedroom apartments. The list of amenities include a tennis court, three swimming pools, laundry facilities, and 285 parking spaces. According to the announcement, Dwell Apartment Homes was developed initially as two separate projects in 1963 and 1975, but these were later unified as one apartment complex.
“This community offers a modest interior rehab opportunity in an up-and-coming transitional neighborhood in South Scottsdale that synergizes with SkySong and the renaissance of the McDowell Road Corridor,” Jim Crews, senior director with Cushman & Wakefield, said in a prepared statement.