**Scottsdale on Main Sells for $66.1M, Averaging $555K Per Unit**
Institutional Property Advisors (IPA) has announced the sale and financing of Scottsdale on Main, a 119-unit luxury midrise multifamily community located in Scottsdale, Arizona. The property sold for $66.1 million, which breaks down to approximately $555,462 per unit.
IPA’s Steve Gebing and Cliff David represented the seller, Baron Properties, and secured the buyer, Goodman Real Estate.
“This property is one of only 11 multifamily assets with 100 or more units developed in the last 25 years in a location protected from future multifamily supply,” said Gebing.
Scottsdale on Main benefits from a prime location along Main Street. It is within walking distance of Scottsdale Fashion Square, the Scottsdale Waterfront, and a variety of upscale restaurants in Old Town Scottsdale. The property also offers easy access to the Arts District, the 5th Avenue Shopping District, and the Entertainment District.
Completed in 2024, the community features premium amenities including a swimming pool, a rooftop deck, and a covered outdoor kitchen and lounge space. The average unit size is 872 square feet.
