Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of Roadrunner on McDowell, a 356-unit multifamily asset in Scottsdale, AZ. The property sold for $193.5 million.
At $543,539 per unit, the price per unit is the highest in Arizona’s history for an institutionally sized apartment building. The transaction is also the largest single-asset core multifamily sale and second-largest single-asset multifamily sale overall in Arizona history.
“Roadrunner on McDowell, developed by JLB Partners, is a newly constructed landmark asset that juxtaposes timeless mid-century architecture with modern, resort-style luxury to establish a new standard of Arizona apartment living,” said Steve Gebing, IPA executive managing director. “Renter demand for South Scottsdale apartments has led to strong operational fundamentals and the imbalance of supply and demand is driving outsized forecasted rent growth.“
Gebing and IPA executive managing director Cliff David represented the seller and procured the buyer.
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 GlobeSt.com 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).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!