Good judgment comes from bad experience … And most of that comes from bad judgment.
Publish Date: 11-13-2015
Scottsdale – Olen Properties Corp. in Newport Beach, Calif. (Igor Olenicoff, pres.) has bolstered its fast growing multi-family portfolio in the Valley with the $88 million ($226,804 per unit) purchase of the 388-unit Jefferson at One Scottsdale apartments at 7355 E. Thompson Peak Parkway in Scottsdale. The seller was Jefferson at One Scottsdale I L.P., a limited partnership formed by TDI Real Estate Holdings LLC in Irving, Tx. (Mark Bryant, CEO). The cash transaction was brokered through Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. The Class A apartment project, which opened in December 2013, was the first of two multi-family communities TDI developed within One Scottsdale. The 322-unit Jefferson on Legacy apartments, at 7340 E. Legacy Boulevard, was built by TDI in phase two and opened earlier this year. Two weeks ago, BREW reported Simpson Housing LLP in Denver, Colo. paying $74.06 million ($230,000 per unit) to buy Jefferson on Legacy, which is now called Avion on Legacy. The 120-acre One Scottsdale project, located at the northeast corner of Scottsdale Road and the 101 Loop, is being developed with residential, office, retail and hotel components. In the past five months, BREW has reported Olen Properties investing $157.3 million (blended average $184,192 per unit) to purchase 854 apartments in three Valley properties.
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