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12/28/16
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MG Properties closed out 2016 with an institutional-quality multifamily buy in Arizona, paying $51 mil for Broadstone Scottsdale Horizon, a 330-unit ($155k/unit) rental community in one of the most coveted neighborhoods in North Scottsdale. The property was sold by Rockwood Capital and Alliance Residential Company.
Located at 9259 E. Raintree Dr in Scottsdale, at Raintree Dr and 92nd St, Broadstone Scottsdale Horizon sits within a high-amenity submarket that includes neighborhood grocery and power centers, luxury retailers and restaurants, award-winning schools and immediate access to the Loop 101 Freeway. The targeted submarket renter (age 25 – 34) is projected to grow by three percent over the next five years.
Averaging 883 sf in size, the units at Broadstone Scottsdale Horizon feature nine- and 22-foot ceilings, wood burning fireplaces, contemporary kitchens and dual master bedroom designs with private patio or balcony access off of every bedroom to enjoy direct mountain views. Common areas include a resort-style pool, resident clubhouse, business center and fitness facility. Built in 1986, the community has enjoyed regular improvements, but represents the opportunity to add value through additional amenity and unit upgrades.
John Cunningham and Charles Steele with JLL represented the seller in the deal.
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