|A Phoenix-based investment entity paid $25.85 mil for The Cortesian, a 332-unit ($78k/unit) apartment community in Scottsdale, AZ. The property is located at 7749 East Camelback Rd in central Scottsdale.
The Cortesian boasts a premier Central Scottsdale location, with employment, shopping, and entertainment within walking distance. It occupies an entire square block along Camelback Rd, near Scottsdale Fashion Square, the Downtown Entertainment District, Scottsdale Waterfront, and Galleria Corporate Center. Built in 1971, The Cortesian offers 144 one-bedroom and 188 two-bedroom units; it received more than $4 million in upgrades in 2004-2005.
Mark Forrester and Ric Holway of the Phoenix office and Art Wadlund of the Tucson office of Hendricks & Partners represented the seller, Holualoa Cortesian, LLC, an Arizona limited liability company of Santa Monica. The buyer was Camelback Cortesian LLC, an Arizona limited liability company.