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June 25, 2024
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Signature Properties Picks Up Scottsdale Multifamily Property for $30 Mil


Signature Properties has purchased The 89 on Hayden, an 89-unit multifamily property in Scottsdale, AZ, for $30.1 mil ($338.2k/unit). The deal was financed with a loan for $15.7 mil.

The 89 on Hayden, located at 2240 North Hayden Rd, sits within a prominent and affluent live, work, play neighborhood in the Scottsdale submarket of Phoenix. The property was completed in 2021 and is in proximity to Scottsdale Fashion Square and Old Town Scottsdale. The property features studio, one-, and two-bedroom apartments with nine-foot ceilings and fully equipped kitchens.

Common area amenities include a resort-style swimming pool, state-of-the-art fitness center, modern leasing office, co-working space, parcel delivery room, barbeque grilling stations, Blink EV charging stations, and covered parking.

CBREs Dixie Hall represented Signature Properties in the purchase of the property. Scott Peterson and Morgon Fraser, also with CBRE, arranged the seven-year floating rate debt provided by Freddie Mac on behalf of the buyer.

The metro Phoenix area continues to experience pent-up multifamily investment demand from both local and out-of-state capital due to robust employment growth, net in-migration and strong market fundamentals, according to CBRE research.

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