A Seattle-based real estate investment firm is the new owner of a luxury multifamily property in Scottsdale, Arizona.
Denver-based Baron Properties sold the 119-unit Scottsdale on Main to Seattle-based Goodman Real Estate for $66.1 million, or $555,462 per unit, AZ Big Media reported.
Residents at Scottsdale on Main have access to amenities like a resort-style swimming pool and a rooftop deck with a covered outdoor kitchen and lounge. Units have 10-to-12-foot ceilings, wine refrigerators, large pantries and walk-in showers with an average per-unit size of 872 square feet. Nearby shopping and entertainment centers include Scottsdale Fashion Square, the Scottsdale Waterfront and Old Town Scottsdale, as well as the city’s Arts District, Fifth Avenue Shopping District, and Entertainment District.
It’s the latest commercial transaction in Scottsdale in recent months.
In July, tech entrepreneur and CrowdStrike CEO George Kurtz, acting through his FalconEye Ventures firm, acquired Scottsdale Quarter, a roughly 750,000-square-foot open-air mixed-use development at 15279 North Scottsdale Road, for $645.1 million. The mall currently boasts retail, dining and office components as well as nearly 600 residential units.
Under Kurtz’s ownership, FalconEye will make a $100 million capital investment in the complex. The goal is to expand the Class A offices to attract tech and creative tenants and create a lifestyle hub anchored by chef-driven dining and innovation-focused offices. The capital improvement plan will focus on tenant curation, infrastructure enhancements and experiential retail concepts to attract customers and tenants to the mixed-use property.
Current tenants at Scottsdale Quarter include Apple and Lululemon, with more than 4.5 million visitors filing into the center each year. The capital improvement endeavor is slated to begin late this year with a phased rollout to minimize tenant and customer disruption.