Luxury multifamily asset in Scottsdale, Ariz. sells for $150m

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of SeventyOne15 McDowell, a newly built, 274-unit multifamily asset in Scottsdale, Ariz. The property sold for $150 million, or $547,445 per unit.

“Phoenix will again record one of the highest rates of in-migration in the country this year and Scottsdale is one of the area’s most appealing live-work-play destinations for high-wage earning professionals,” said Steve Gebing, IPA executive managing director. “Developed by Alliance Residential, SeventyOne15 McDowell features best-in-class design and construction with luxury interior and common area amenities. The property is poised to benefit from the business and academic partnerships that are driving South Scottsdale’s economic resurgence.”

Gebing and IPA executive managing director Cliff David represented the seller and procured the buyer.

Completed in 2022, the asset is located near SkySong, a 1.2 million-