By Angela Gonzales | Phoenix Business Journal
Investors are cashing in on a hot market as multifamily property sales over $100 million continue to close in metro Phoenix — even for apartment communities built in the 1980s.
The biggest deal to close recently was the $166 million sale of La Privada at Scottsdale Ranch.
An entity tracing to Kennedy Wilson bought the 350-unit property from an entity tracing to DiNapoli Capital Partners, according to Tempe-based Vizzda LLC real estate database.
Built in 1985, that property at 10255 E. Via Linda in Scottsdale, sold for $474,285.71 per unit, according to Vizzda.
Following right behind in price was the $145 million sale of a 240-unit asset.
Grand Haven, Michigan-based Liv Communities sold its 240-unit apartment community for $145 million to The Hadley North Scottsdale LLC, an entity tracing to Jeffrey M Ctvrtlik, according to Vizzda.
That community is now being called The Hadley North Scottsdale Apartments.
Liv Communities built that project on 5.82 acres in 2014 east of the northeast corner of Scottsdale Road and Greenway Hayden Loop in Scottsdale. The deal, which closed May 2, equates to $604,166.67 per unit.
Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap represented the seller and procured the buyer in the deal.
Earlier this year, Liv Communities bought a 13-acre parcel near State Farm Stadium in Glendale, with plans to build a $94.2 million apartment community.
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