Institutional Property Advisors (IPA) announced the sale and financing of Scottsdale on Main, a 119-unit, luxury midrise multifamily asset in Scottsdale, Arizona. The $66.1 million sales price represents $555,462 per unit. IPA’s Steve Gebing and Cliff David represented the seller, Baron Properties, and procured the buyer, Goodman Real Estate.
Gebing added, “The property is one of only 11 multifamily assets with 100 or more units constructed over the last 25 years in a location that benefits from the competitive shelter of future multifamily supply.”
Located along Main Street, the building is a short walk from Scottsdale Fashion Square, the Scottsdale Waterfront, and an exclusive list of restaurants in Old Town Scottsdale. The Arts District, the 5th Avenue Shopping District, and the Entertainment District are also nearby.
Completed in 2024, community amenities include a swimming pool and a rooftop deck with a covered outdoor kitchen and lounge. The average unit size is 872 square feet.
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