IPA Sells Sun King Apartment Complex for $35.1 Million
SCOTTSDALE, Ariz., Dec. 20, 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 Sun King, a 360-unit apartment property in Scottsdale, Arizona. The $35.1 million sales price equates to $97,500 per unit.
“Completed in 1973, this asset was held and operated by previous ownership for more than 16 years, a virtually unheard of duration in Greater Phoenix’s high-velocity multifamily sales environment,” comments Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix. “New ownership is in position to transform the property by further establishing the finish level that the previous owner initiated and by substantially repositioning the living spaces and common area amenities with successively higher levels of improvements.”
David and Steve Gebing, IPA senior director, represented the seller, CRS Scottsdale Housing Corporation and procured the buyer, Baron Properties.
Sun King is located nearly adjacent to the Arizona Country Club on almost 13 acres at 5900 East Thomas Road, one mile from Arcadia—one of Greater Phoenix’s foremost upscale neighborhoods—and less than three miles from downtown Scottsdale. Prominent tech firms in the area include GoDaddy, Early Warning Services, and JDA Software Inc. The Quad, a 13-acre, 14-building lifestyle center/office park redevelopment project, is under construction less than one mile east of the property.
Significant community amenities at Sun King include an oversized pool area with a refreshed swimming pool and spa, three laundry facilities, and a two-bedroom “corporate suite” with an expansive balcony and private recreation room access. Apartments feature walk-in closets and spacious patios or balconies. Select units include resurfaced laminate countertops, upgraded light fixtures and wood-style vinyl flooring, among other improvements.