PHOENIX, July 28, 2015 /PRNewswire/ -- ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the $28,000,000 / $175,000 Per Unit sale of the 160-unit Morningside Apartment Homes in Scottsdale, AZ. Morningside, originally built in 1989, features spacious 1-, 2- and 3-bedroom units with a weighted average size of approximately 1,019 square feet and full size washer/dryer in each unit. The Seller, FSC Realty, over the past 2 years has completed over $600K in exterior and interior renovations to Morningside, prior to this current sale.
"This is an amazing deal, for both buyer and seller," states Alon Shnitzer, Senior Managing Partner at ABI. "The Buyer, Wood River Properties, wanted to find a stable, high quality asset to purchase after their recent Sonoran Ridge and Quail Canyon Apartment sales. The acquisition of Morningside offers them an extremely low density, best-in-class, stable asset, with the additional upside of completing the balance of the interior renovations, as well as significant redevelopment upside should the landsite at Morningside ever built-out to its existing, high density, R-5 zoning designation. In 2013 the current Seller, FSC Realty, purchased Morningside from the largest REIT in the nation. It was a tremendous purchase, as they only paid $21,600,000 at that time, and through the renovation upside had instantaneous equity in the property."
The property is located in the prestigious Scottsdale Ranch Master Planned Community. The Scottsdale Ranch Community offers residents tremendous recreation opportunities including: the 42-acre man-made Lake Serena with boating and fishing activities, as well as a fully appointed community center. Additionally, the property is only minutes from major transportation corridors, Loop 101 and Shea Blvd., which provide direct access to all of Scottsdale's fine dining, entertainment and the well-known Scottsdale-Shea Regional Hospital.
The Buyer in this transaction is an experienced Phoenix Metro multifamily investor, Wood River Properties, based in Santa Monica, CA. Wood River Properties was also represented by ABI Multifamily in the sale of the Sonoran Ridge Apartments, for Lennar Multifamily's Tempe assemblage site - The Motely - and in the sale of Quail Canyon Apartments to Canada-based, Living Wells Homes, just last month.
The Seller in this transaction is Beverly Hills, CA-based, FSC Realty. FSC Realty, LLC, a privately owned limited liability company, who is an experienced operating partner/owner of apartments, shopping centers, and office buildings.
The Phoenix-based ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both buyer and seller in this transaction.
To search ABI's exclusively listed apartment inventory click here.
View ABI Multifamily's publication, ABInsight, for in-depth analysis on the real estate market, as well as Construction Reports, Market Reports, and infographics.
SOURCE ABI Multifamily