La Privada

July 22, 2016 Comments Off on 350-Unit La Privada Apartments in Scottsdale Changes Hands, Again Views: 203 Arizona, National News, Southwest

350-Unit La Privada Apartments in Scottsdale Changes Hands, Again

Park City, UT-based DiNapoli Capital Partners acquired the 350-unit La Privada apartments from La Privada PT LLC. The $64 million sale is the sixth time the asset has changed hands since opening in 1985.

The Scottsdale complex at 10255 E. Via Linda went for $18.4 million more than the seller had bought it for in 2012. However, the sale was still $30 million less than what it sold for close to a decade ago. At the time, Fidelity Investments paid $94.9 million to acquire the property, with condo conversion plans. La Privada ended up as a distressed asset during the downturn.

The transaction was brokered by CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch. The sale is the third time the CBRE brokerage team has sold the property.

Read More at Business Real Estate Weekly

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