N. Scottsdale Rental Community Flips for $96M

IMT Capital has acquired The Hadley North Scottsdale, a 240-unit community in Scottsdale, for $96 million from a private owner. Institutional Property Advisors (IPA) represented the seller and procured the buyer. The community, now rebranded as IMT North Scottsdale, is at 15509 N. Scottsdale Road.

Commercial Edge reports the property previously traded in May 2022, when Liv Communities sold it for $145 million or $604,167 per unit. The buyer financed the transaction with a $87.3 million loan originated by Heitman.

Built in 2014, the Class A community encompasses four mid-rise buildings spread across more than 6 acres. Units consist of one-, two- and three-bedroom layouts that range between 539 and 1,349 square feet and feature private balconies or patios.

Common-area amenities include a fitness center, clubhouse with conference room and workstations, swimming pool and spa with firepit, barbecue area and private cabana.

IPA Executive Managing Directors Steve Gebing and Cliff David facilitated the deal.

On April 18, join multihousing’s leaders and dealmakers when they explore the most important topics facing the Phoenix and Scottsdale markets today. Register to attend and hear expert insights first-hand, network with the best in the industry, and sit in on discussions you won’t hear anywhere else. Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa.