CBRE has completed the sale of Pillar at Scottsdale, a 539-unit apartment community located at 17212 North Scottsdale Road in Scottsdale, Arizona. The property commanded a sale price of $95.8 million and was 96% occupied at time of sale.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction. The seller was Private Portfolio Group of Seattle, WA. The buyer was a joint venture between Seattle, WA-based Security Properties and Boston, MA-based Intercontinental Real Estate.
“Pillar at Scottsdale is located in the Scottsdale Airpark submarket, putting it within a five-mile radius of 142,000 jobs and some of the Valley’s most notable corporate employers,” said CBRE’s Cunningham. “It is already a highly-desirable community and with a minor interior renovation program, new ownership should see significant return on investment through rental rate growth.”
Developed in 1999, Pillar at Scottsdale is located across prominent Scottsdale Road from TPC Scottsdale, the home of the PGA’s Waste Management Phoenix Open, and the Fairmount Princess Resort. The community features direct access garages for most units, an in-door basketball court, oversized fitness center and resort-style pool.
Pillar at Scottsdale is surrounded by a number of high-end retail, dining and entertainment venues including Kierland Commons and Scottsdale Quarter. These two premier mixed-use developments in North Scottsdale are located just one mile from the community.