- What Starlight Investments has listed an apartment building for sale in Scottsdale, Ariz.
- Why The property is expected to fetch more than US$100m
- What next The area is seeing an influx of jobs
Starlight Investments is shopping a luxury apartment property in suburban Phoenix.
The 282-unit Core Scottsdale, in Scottsdale, is expected to fetch US$105m ($143.6m), or US$372,000/unit. CBRE is representing the Toronto-based firm on the offering.
Starlight purchased the property in May 2019 from Houston-based Sunrise Luxury Living for US$80.4m, or US$285,000/unit. CBRE also brokered that deal.
Core Scottsdale, at 15333 North Hayden Road, was completed in 2018 and is 93% occupied. It comprises a four-storey wrap-style building and a 6.5-storey garage with a rooftop pool on 4.6 acres.
The average rent is US$2,138, or US$2.54/sf. The studio to two-bedroom units average 843 sq ft. Interiors have 9-foot ceilings, wood-style plank flooring, quartz counters, stainless-steel appliances and washer/dryers.
Amenities include a yoga and spinning studio, a firepit and views of the McDowell Mountains. A 2,500 sq ft clubroom has a movie theater, a billiards table, a poker room and a coffee lounge.
Core Scottsdale is within 2 miles of nearly 5 million sq ft of retail establishments including Costco, Kohl’s and Walmart.
Taiwan Semiconductor Manufacturing is building a manufacturing plant in North Phoenix, 18.5 miles from the property, as part of a planned US$65bn investment in Arizona that will create more than 20,000 direct and indirect jobs, according to marketing materials.
Additionally, the Mayo Clinic is set this year to complete a $748 million expansion of its existing hospital, which is 4 miles northwest, and is developing Mayo Clinic Discovery Oasis, a nearby master-planned biotechnology and innovation corridor, in collaboration with Arizona State University. American Express, Merrill Lynch, Nationwide Insurance and Vanguard also have large presences in the area.
The average tenant income at Core Scottsdale tops US$170,000, and the average home price in North Scottsdale over the last six months was US$1.9m.
The complex is less than a half mile from access to the State Loop 101 freeway and 16 miles northeast of Phoenix.
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