Transactions - MAY 12, 2022

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Scottsdale apartments sell for $260m, largest single-asset core multifamily sale in AZ history

by Andrea Zander

JLB Partners has sold The Moderne, a 369-unit mid-rise multifamily asset in Scottsdale, Ariz., for $260 million, the largest single-asset core multifamily sale in Arizona history.

“One of only 10 assets constructed in Downtown Scottsdale over the last 20 years, The Moderne is an iconic, generational multifamily asset that pairs high-end finishes with walkability to the state’s top luxury retail shopping destination, Scottsdale Fashion Square,” said Steve Gebing, executive managing director at Institutional Property Advisors (IPA), which represented the seller and procured the undisclosed buyer. “The scarcity of developable land, coupled with local government policy and competitive shelter from future multifamily supply make this asset an exceptional core investment.”

“Characterized by its high-value real estate, best-in-class employment opportunities and leisure activities, Scottsdale is the most coveted submarket in Arizona,” added Cliff David, IPA exec

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