Scottsdale Apartment Fetches $547,000/Unit

Institutional Property Advisors (IPA) arranged the sale of SeventyOne15 McDowell, a newly built, 274-unit multifamily asset in Scottsdale, Arizona. The property sold for $150 million, or $547,445 per unit. It features studio through three bedroom units, with rents that range from $1,800-$4,000 a month. The property boasts a doorman, concierge and two-story fitness center.

“Phoenix will again record one of the highest rates of in-migration in the country this year and Scottsdale is one of the area’s most appealing live-work-play destinations for high-wage earning professionals,” said IPA’s Steve Gebing. IPA’s Cliff David and Gebing arranged the sale.

Completed in 2022, the property is located near SkySong, a 1.2 million-square-foot ASU Scottsdale Innovation Center. Old Town Scottsdale and South Scottsdale employment corridors are nearby, along with major area employers General Dynamics, HonorHealth, Vitalant, Yelp, Indeed, Banner Health, and Opendoor. Old Town Scottsdale, home to designer art galleries, nightlife, and Scottsdale Stadium is less than three miles away.