Scottsdale Community Taken Off the Market
- Jul 30, 2015
By Liviu Oltean, Associate Editor
An investor with extensive knowledge of the Phoenix metro area has recently closed on the 160-unit Morningside Apartment Homes community in Scottsdale, Ariz. The deal was announced by ABI Multifamily, a dedicated multifamily brokerage and advisory services firm.
The apartment community is located within the North Scottsdale submarket at 10455 East Via Linda Road, and features one-, two-, and three-bedroom apartments with a weighted average size of 1,019 square feet. The community was acquired by Santa Monica-based Wood River Properties for $28 million. The ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Dough Lazovick and Eddie Chang represented both the buyer and the seller, FSC Realty of Beverly Hills, CA. Under the previous ownership, the community underwent a $600,000 capital improvement plan.
“The acquisition of Morningside offers them (Wood River Properties) an extremely low density, best-in-class, stable asset, with the additional upside of completing the balance of the interior renovations, as well as significant redevelopment upside should the landsite at Morningside ever build-out to its existing, high density, R-5 zoning designation,” Alon Shnitzer, senior managing partner at ABI, said in a prepared statement.
Image courtesy of Yardi Matrix