SCOTTSDALE, AZ - The Praedium Group, a New York City-based national real estate investment firm, on behalf of a separate account, announced the acquisition of Broadstone Lincoln in Scottsdale, AZ. The 264-unit multifamily property is within three miles of high-end shopping centers and cultural attractions including Scottsdale Fashion Square and SMoCA, the Scottsdale Museum of Contemporary Art. The announcement was made by Asim Hamid, Managing Director, and Lindsay Schuckman, Associate of The Praedium Group.
"Broadstone Lincoln is among the newest and highest quality assets in Scottsdale with high-quality interior finishes and amenities such as granite countertops, gas cooktops, stainless steel appliances, floor to ceiling windows, and below-grade parking," noted Hamid. The complex also offers a two story fitness center and a resort-style pool with outdoor cabanas. The property has obtained LEED Platinum Certification.
Located less than three miles from downtown Scottsdale, the location offers convenient access to the diversified, high-wage employment base of Scottsdale as well as world-class dining and the cultural appeal of over 100 art galleries. "Due to its proximity to advanced educational facilities and dynamic growth from technology and healthcare companies, Scottsdale continues to have exceptional employment drivers," Hamid added. Notable companies in the surrounding area include Yelp, Groupon, McKesson, Zenefits, Scottsdale Healthcare, Weebly, and CA Technologies.
The residential complex is also located adjacent to Five Star Development's recently approved Ritz-Carlton Paradise Valley project, a $2.0 billion Ritz-Carlton community which is expected to be delivered in 2018. Upon completion, the 122-acre site will include a 200-room Ritz-Carlton hotel, 94 townhome-style villas, and 45 single-family homes with access to Ritz-Carlton hotel services and amenities.