Fountain Villas and Los Porticos Sell for 18.83% Above Median Price PSF

There have only been eight transactions in the Scottsdale market in the last 12 months, but that number is inching higher. The latest two properties, Los Porticos and Fountain Villas Apartments, recently sold for $13.9 million or $317,045 per unit.

The multifamily properties sold for 18.83 percent above the median price-per-square-foot for buildings in that timeframe. Los Porticos is a 24-unit property built in 1984 and Fountain Villas is a 20-unit property built in 1969.

Los Porticos is a combination of one- and two-bedroom units at 1221 N. 85th Pl. west of Arizona State Route 101.

“The buyer plans to renovate the property, modernizing it to be consistent with what tenants expect to see within the submarket,” says Brian Tranetzki of Taylor Street Advisors.

Fountain Villas Apartments is a combination of 15 three-bedroom units, one studio and two two-bedroom units. Fountain Villas Apartments is located at 7325 E. Belleview St.

“Developed initially as townhomes, the property is being operated as a multifamily asset and the buyer intends to complete a full renovation to bring it to the quality of newly constructed townhome developments in the surrounding area within the next 12 months, and release with rental pricing similar to comparable properties in the area,” says Anton Laakso of Taylor Street Advisors.