Too often we… enjoy the comfort of opinion without the discomfort of thought.
John F. Kennedy
Business Real Estate Weekly / jen@brewaz.com via aweber.com
Scottsdale – The rock solid multi-family housing market continues to grab the headlines as another apartment property in the Valley has sold for north of $200,000 per unit. In a $67.5 million ($207,692 per unit) deal set to close today, Mid-America Apartment Communities in Memphis, Tenn. (NYSE:MAA, Eric Bolton, chairman) is buying the 325-unit SkySong apartments located at 1301 N. Scottsdale Road in Scottsdale. The seller is a joint venture formed by the ASU Foundation and USAA Real Estate Co. in San Antonio, Tex. The sale was brokered by Tyler Anderson,Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. The apartment complex, which was completed last year, is part of a mixed-use project located at the southeast corner of McDowell and Scottsdale roads. That 42-acre development, called SkySong, The ASU Innovation Center, is planned for 1.2 million sq. ft. of office buildings, R&D and multi-family housing. The property, formerly occupied by Los Arcos Mall, is being developed by a joint venture formed by the ASU Foundation, The City of Scottsdale, Plaza Cos. and Holualoa Arizona Inc. The SkySong apartments is the fourth multi-family community in the Valley that has sold for more than $200,000 per unit in the past year. The Scottsdale Road project is the seventh apartment project owned by Mid-America in the Phoenix area. The publicly-traded real estate investment trust (REIT) is looking for additional apartment properties in the Phoenix area. With the purchase of SkySong apartments, Mid-America Apartment Communities now owns 2,121 multi-family units in the Valley. The Memphis-based company acquired three of its Phoenix area apartment projects in 2013 when it merged with Colonial Properties Trust (NYSE:CLP). Prior to that, Mid-America’s last deal in the Valley was six years ago when the company paid $17.5 million ($75,431 per unit) to buy the 232-unit Skyview Ranch apartments at 4632 E Germann Road in Gilbert. As of March 31, 2015, Mid-America Apartments owned 81,976 units in 265 properties located at 14 states. Find out more from Don Aldridge of Mid-America Apartment Communities at (901) 248-4110. The contact at ASU Foundation is Don Couvillion . . . (480)
I am actively looking to build relationships with Real Estate Investors and Owner / Users for Phoenix – Scottsdale – Tucson – Maricopa County – Pima County – Pinal County – Cochise County – Santa Cruz County –Yavapai County – Gila County – Arizona , USA
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
WHY PHOENIX ARIZONA : ???
It’s a no brainer, check it out
http://walter-unger.com/?p=13391
1
Timeline of Phoenix, Arizona history
http://en.wikipedia.org/wiki/Timeline_of_Phoenix,_Arizona_history
2
http://en.wikipedia.org/wiki/Phoenix,_Arizona
3
Facts of Arizona – year 1848 to 2013
http://walter-unger.com/?p=9507
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Investors and owner/users need to really know the market before making a move in commercial investment properties as the market has a lot of moving parts today. What’s going on socio-economically, what’s going on demographically, what’s going on with location, with competing businesses, with public policy in general — all of these things affect the quality of your commercial properties/investment properties. Therefore, you need a broker who understands commercial properties. Please go to my web-site and get all the newsflashes and updates in Commercial Real Estate.
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. I am also a commercial land specialist in Phoenix and a Landspecialist in Arizona. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
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Walter Unger CCIM
Associate Broker, Kasten Long Commercial Group
2821 E. Camelback Rd.
Phoenix, AZ 85016
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walterunger@ccim.net
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a little about me and my expertise – video
commercial-investment real estate adviser-land specialist
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