Scottsdale Multifamily Asset Sells for Record-Breaking $260 million
The 369-unit Moderne sold for a price that equates to $704,607 a unit. The transaction is the largest single asset core multifamily sale in Arizona history. It’s one of only ten multifamily communities constructed in Downtown Scottsdale over the last 20. Years.
Institutional Property Advisors Steve Gebing further explains why it’s so unique, “The scarcity of developable land, coupled with local government policy and competitive shelter from future multifamily supply make this asset an exceptional core investment. The Moderne’s an iconic asset that pairs high-end finishes with walkability to the state’s top luxury retail destination, Scottsdale Fashion Square.”
Scottsdale Fashion Square has 1.9 million square feet of luxury retail, dining and entertainment. Old Town Scottsdale and Scottsdale Waterfront are nearby as well.
Completed in 2015, the Moderne has an array of amenities, including electric car charging stations and private garages.