Quarterra Multifamily has completed the sale of Residences Kierland, a 290-unit luxury rental community in Scottsdale, transferring ownership to MacNaughton. The transaction marks the first time the asset has traded since it opened, underscoring the relative newness of the property within the local multifamily inventory.
As part of the deal, Nationwide provided a $90 million, five-year loan to MacNaughton, according to reporting from MultihousingNews. The financing supports the acquisition of Residences Kierland and reflects the use of sizable senior debt on a recently delivered multifamily asset.
Residences Kierland is located at 15825 N. 71st St. in Scottsdale on roughly 4 acres. Delivered in 2023, the community is positioned directly next to The Westin Golf Course and benefits from nearby dining and retail options along N. Scottsdale Road. The setting places residents close to both recreational amenities and neighborhood services.
The six-story property offers a mix of one- and two-bedroom apartments ranging in size from 691 to 2,025 square feet. Select units include private balconies or patios, providing outdoor space for residents. The building is described as pet-friendly, aligning with renter preferences in many newer multifamily developments.
Community amenities at Residences Kierland include a fitness center, business center and clubhouse aimed at supporting both lifestyle and work-from-home needs. Outdoor offerings feature a dog park, swimming pool and spa, adding to the property's recreational appeal. Parking is provided in a multi-level structure with 475 spaces, and the facility includes electric vehicle charging stations.
Quarterra Multifamily serves as the apartment division of Lennar Homes and has been active in repositioning its rental holdings. In a separate move, the company recently announced plans to sell a 3,746-unit rental portfolio spread across seven states. JLL is marketing that larger portfolio disposition, signaling continued institutional interest in scaled multifamily trades across multiple markets.
The sale of Residences Kierland, together with the associated acquisition financing, illustrates ongoing capital flows into newly built, amenitized multifamily communities in the Scottsdale area. While full pricing details for the transaction were not disclosed, the presence of a substantial five-year loan on a first-generation sale highlights lender engagement with new product in this submarket.
