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Crescent Scottsdale Quarter MF Acquired for $87M

A pension fund advised by Dallas-based Invesco Realty Advisors acquired Crescent Scottsdale Quarter for $87 million. The transaction represents the highest price per unit ever recorded for a conventional multifamily project in the Phoenix Metro.

The 275-unit apartment community was developed and sold by a joint-venture formed by Charlotte, NC-based Crescent Communities and Columbus, OH-based Glimcher Realty Trust. The six-story apartment complex is on a 2.7-acre parcel within the Glimcher’s 28.6-acre Scottsdale Quarter.

Glimcher and Crescent Communities broke ground on the luxury apartment complex in 2013, and completed the project last year.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch handled the all-cash sale.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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