Institutional Property Advisors (IPA), the brokers involved in the deal, have announced that it is the largest sale of a single-asset multifamily property in Arizona within the last two years. It also ranks as one of the top ten largest multifamily sales in the United States so far this year. The Desert Club, a 497-unit complex located just off Scottsdale Blvd and Princess, was sold for $187.5 million at an average price of $377,264 per unit.
The seller, Clarion Partners was represented by Steve Gebing and Cliff David while Weidner Apartment Homes acted as buyer.
The development boasts immediate access to two popular open-air retail centers – Scottsdale Quarter and Kierland Commons – making it highly desirable for residents. Additionally, its location near major employment hubs such as Kierland Corridor and Scottsdale Airpark adds to its appeal. These areas are home to prominent companies like Mayo Clinic,Vanguard Group,Nationwide Insurance,and American Express.
Built on 21 acres in 2004,the garden-style Desert Club offers resort-style amenities including a heated swimming pool and spa.The average unit size is spacious at 983 square feet.
