Cassidy Turley represented Portofino at McCormick, LLC in the purchase of Monaco North, a 112 unit multifamily property located in Scottsdale at 8250 North Via Paseo Del Norte. The Michigan based investor purchased the property for $12,700,000 / $113,393 per unit / $134 per square foot. Executive Vice Presidents David Fogler and Steven Nicoluzakis with Cassidy Turley Arizona’s Multifamily Investment Group brokered the transaction on behalf of the buyer. The seller was Belleview at McCormick Ranch, LLP of Scottsdale.
This buyer has been looking to purchase an asset that compliments his current holdings in Scottsdale, and saw this property as a great fit with considerable upside potential. He is typically a long term owner and this location fits well into his plan, according to Nicoluzakis.
Built in 1975, the 6.9 acre property is centrally located in the McCormick Ranch Master Plan Community in Scottsdale. The complex includes 112 – one and two story rental units, comprised of studio, one and two bedroom floor-plans, a clubhouse, business center and pool. It is adjacent to the Paseo Village Shopping Center and just a short distance from several golf courses, Talking Stick Resort and Salt River Fields at Talking Stick, spring training home to the Arizona Diamondbacks and the Colorado Rockies.