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Scottsdale Sale Sets Per-Unit Price Record for AZ
Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of Roadrunner on McDowell, a 356-unit multifamily asset in Scottsdale, AZ. The property sold for $193.5 million.
At $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.
“Roadrunner on McDowell, developed by JLB Partners, 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. “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.
- ◦Sale/Acquisition

