Institutional Property Advisors Brokers $193.5 Million Luxury Multifamily Asset Sale in Scottsdale, Arizona
March 04 2022 - 3:44PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE: MMI), announced today the sale of Roadrunner
on McDowell, a 356-unit multifamily asset in Scottsdale, Arizona.
The property sold for $193.5 million, which equates to $543,539 per
unit. The price per unit is the highest in Arizona’s history for an
institutionally sized apartment building. The transaction is also
the largest single asset core multifamily sale and second-largest
single asset multifamily sale overall in Arizona history.
“An incredible acquisition opportunity for the buyer, Roadrunner
on McDowell is a newly constructed landmark asset that juxtaposes
timeless mid-century architecture with modern, resort-style luxury
to establish a new standard of Arizona apartment living,” said
Steve Gebing, IPA executive managing director. “Developed by JLB
Partners, the property was built to attract a top-tier resident
profile of high-wage earning professionals supported by 15,500-plus
businesses within a 10-mile radius and Scottsdale’s outstanding
citywide demographics. Renter demand for South Scottsdale
apartments has led to strong operational fundamentals and the
imbalance of supply and demand is driving outsized forecasted rent
growth.” Gebing and IPA executive managing director Cliff David
represented the seller and procured the buyer.
“Roadrunner on McDowell was built as an homage to the history
and context of mid-century architecture that is so present in South
Scottsdale,” said Kevin Ransil, Arizona partner for JLB Partners.
“As a community at the gateway entrance into Scottsdale, it was
important to pay exceptional attention to detail with artistic nods
to the past while also embracing today’s modern design. We focused
on place-making and incorporated fun and unique features such as a
linear park that follows the Arizona Canal, Vespa wall, Zen Garden
and a vintage Airstream that make the property recognizable across
the Valley as a completely distinct, one-of-a-kind multifamily
asset.”
Completed in 2022, the mid-rise, garden-style asset is located
in the center of Greater Phoenix, adjacent to Papago Park. The
potential renter pool of working professionals living within a
10-mile radius of the property is 700,000. Major employers in the
area include General Dynamics, HonorHealth, Vitalant, Yelp, Indeed,
Banner Health, and Opendoor. Old Town Scottsdale, home to designer
art galleries, lively nightlife, and Scottsdale Stadium is three
miles away.
Apartments at Roadrunner on McDowell feature high-end finishes,
including hand-scraped hardwood floors and walk-in closets with
custom wood shelving. Ceilings are nine feet high or taller and
three-panel sliding Arcadia doors lead to private patios or
balconies. Select apartments have city views and spacious walk-in
showers with seats and glass enclosures. Common area accommodations
including an expansive, resort-style swimming pool and spa with
private poolside cabanas reflect the property’s first-class setting
and dedication to luxury living. Adjacent to the poolside
amenities, an outdoor entertainment ramada with social seating,
flatscreen televisions, a misting system, and barbecue grilling
stations are a pass through to a Zen Garden. The leasing office and
clubhouse are accentuated by lofty ceiling heights and wood accents
that lay the foundation for a Wi-Fi-enabled entertainment lounge
with flat-screen television, plush seating, and a dedicated
co-working area with individual offices and a conference room.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2021, the company had 1,994
investment sales and financing professionals in 82 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 13,255 transactions in 2021, with a sales volume
of approximately $84.4 billion. For additional information, please
visit www.MarcusMillichap.com.
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Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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