Nostalgic Multifamily Community Sold by IPA for $20.85 Million
SCOTTSDALE, Ariz., Dec. 27, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Dwell Apartment Homes, a 193-unit apartment property in Scottsdale, Arizona. The $20.85 million sales price equates to $108,031 per unit.
“Built in two phases by Wonderbowl Inc. in 1963 and W.R. Schulz & Associates in 1975, this stylish and chic retro-branded community is located within South Scottsdale’s path of development progress,” says Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix. “The property is also a prime candidate for the continued implementation of programmatic apartment interior renovations, primarily as a function of the whole dollar rents being achieved within the best-in-class assets that have sprouted up in the immediate neighborhood.”
David and Steve Gebing, IPA senior director, represented the seller, Zev Hendeles of 3rd Ave Investments, and procured the buyer, Capital Real Estate. 3rd Ave Investments is a Phoenix-based real estate investment firm that owns and operates approximately 2,000 apartment units throughout the Valley.
Located on just over seven acres at 1923 North 70th St. in Scottsdale, the property is less than one mile northwest of the SkySong Innovation Center. Some of Scottsdale’s other significant employers are Vanguard, Scottsdale Insurance Co., Quicken Loans, Yelp, PayPal, and GoDaddy. Downtown Scottsdale is home to more than 90 restaurants, 320 retail shops and 80 art galleries. Scottsdale Fashion Square, a luxury shopping center, is among the top 30 largest malls in the country.
Dwell Apartment Homes’ unit interiors feature complete appliance packages, spacious patios or balconies, and updated fixtures. Select units have many upgrades, including Shaker-style cabinet doors, new white appliances, resurfaced countertops and vaulted ceilings. Shared amenities include a bright leasing office, a Wi-Fi-ready lounge with a fitness facility, and a business center. The low-density community grounds feature three resort-inspired swimming pools, a shaded picnic area with a fire pit and barbecue grills, a dog park, and three newly renovated laundry facilities.