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Scottsdale Rental Asset Acquired for Nearly $400K/Unit
High Street Residential sold off the Huxley Scottsdale, a multifamily community developed with PGIM Realty. Phoenix-based Pillar Communities acquired the property for $76 million, $395,000 a unit. The community opened last year.
High Street Residential is Trammell Crow’s residential subsidiary.
Multi-Housing News reports the buyer secured a $41.5 million acquisition loan originated by Nationwide Insurance Co., with a maturity date set for 2035.
Huxley Scottsdale is a five-story building at 8555 E. Raintree Drive. ESG was the project architect, Weitz was the general contractor, and Greystar was the property manager.
The building includes one- and two-bedroom floorplans ranging from 551 square feet to 1,235 square feet, with an average unit size of 763 square feet.
Apartments include private patios and balconies. Amenities at Huxley Scottsdale include a fitness and yoga center, a swimming pool and spa center, a rooftop deck with barbecue area, a business lounge, a conference room with a coffee bar and a clubhouse.
- ◦Sale/Acquisition
