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Sterling Real Estate Partners acquired Suites on Scottsdale with plans to convert it to an apartment property

Extended Stay Scottsdale Hotel Trades for Residential Conversion 

Scottsdale-based investment firm Sterling Real Estate Partners recently acquired Suites on Scottsdale in an off-market transaction with plans to convert the hotel into market rate apartments. Originally built in 1996, the 114-key extended stay hotel will be transformed into a luxury, 85-unit apartment community.  

“The location of this property could not be better,” said Sterling president David Zeff. “We will be delivering essentially new product at a significant discount to replacement cost.” 

Dinesh Rama of NewGen Advisory brokered the sale of the hotel. This is Sterling’s fifth acquisition in the past six months and will be its second adaptive reuse project.  

Sterling had the property under contract since December of 2020 while it processed a change in use from hospitality to residential. “We took a risk during COVID and are delivering value to our partners,” said Zeff.  

Sterling plans to begin development of the new apartments this summer. 


Inside The Story

Sterling Real Estate Partners

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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