Harbor Group Capitalizes on Phoenix’s Job Surge with Avia McCormick Ranch
Harbor Group International LLC (HCI) recently disposed of Avia McCormick Ranch, a 329-unit garden-style apartment community in Scottsdale, AZ, for $96.3 million. HGI purchased the property in 2019 for $63.5 million and upon acquisition, invested an additional $4.4 million in renovations to update unit interiors, landscaping and overall curb appeal.
Located in the McCormick Ranch community in central Scottsdale, the property is proximate to several recreational options including two championship golf courses, more than 25 miles of bicycle paths, numerous parks and seven accessible lakes. The property is also near the Loop 101 Freeway.
“Avia McCormick Ranch is an excellent illustration of Harbor Group International’s value-add strategy in markets with strong multifamily fundamentals and high barriers to entry,” said T. Richard Litton, president of HGI. “We were able to rapidly achieve our business plan for this property as the greater Phoenix area has benefited from a surge of employment opportunities from financial services and technology firms moving to the city in recent years, driving demand for well-located high-quality housing.”
Built in 1978, Avia McCormick Ranch has four swimming pools with cabanas, a resident clubhouse, 24-hour fitness center, basketball and tennis courts, and outdoor lounging areas.
The buyer was undisclosed. The transaction was facilitated by CBRE.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.