SoCal Investor Snaps Up Older Scottsdale Apartments, Plans Renovation
The Phoenix apartment market is hot enough to put older properties in play, at least well-maintained ones with good locations. SoCal investor The Tides at Old Town LLC acquired Estancia, a 62-unit multifamily community at 3620 North Miller, for $6.9M from another SoCal investor, JBC Estancia Inc.
Built in 1957 and renovated in 2006, the property features 32 studios, six one-bedroom and 24 two-bedroom units. It is in Downtown Scottsdale and is adjacent to Scottsdale Stadium, the spring training home for the San Francisco Giants.
Lee & Associates brokers Bryson Fricke and Todd Braun repped both the seller and the buyer. The new owner will rename the community The Tides of Old Town and reposition the property with exterior and interior renovations.