SCOTTSDALE, AZ - Harbor Group International, a privately-owned international real estate investment and management firm, announced its purchase of Luxe Scottsdale, a 218-unit, mid-rise style apartment community in Scottsdale, Ariz., for $65.5 million. HGI plans to contribute approximately $418,000 to the property to improve curb appeal, modernize common area amenities and add technology packages to the units.
Luxe Scottsdale is located near convenient transportation options, including the Loop 101 freeway, providing access to Phoenix's employment hubs in North Scottsdale, Tempe and Chandler. Additionally, the property is within one mile of Old Town Scottsdale, Phoenix's largest walkable district with premier entertainment, dining, cultural and shopping options.
"We look forward to expanding our Phoenix portfolio with a high-quality asset located in a desirable and growing submarket," said Greg Heller, Senior Vice President of Acquisitions at HGI. "With the area's strong economic fundamentals and employment drivers, we anticipate high occupancies and sustained rent growth at the Luxe Scottsdale that will contribute to achieving our investment goals."
Built in 2015, the property features contemporary four-story construction. Amenities include a swimming pool, fitness center, pet spa, business center and grilling area. Additionally, the property includes detached garages which are in-demand and unique to the submarket.
This purchase adds to HGI's Phoenix multifamily portfolio. The firm owns the Arcadia 4127 apartments in Phoenix and the Avia McCormick Ranch in Scottsdale. Additionally, HGI completed several transactions in the western U.S. region in 2019, including the purchase of 111 Sutter Street, an office tower in San Francisco's Financial District, along with several multifamily investments in Southern California.
Source: Harbor Group International