August 22, 2016
A pension fund advised by Dallas-based Invesco Realty Advisors acquired Crescent Scottsdale Quarter for $87 million. The transaction represents the highest price per unit ever recorded for a conventional multifamily project in the Phoenix Metro.
The 275-unit apartment community was developed and sold by a joint-venture formed by Charlotte, NC-based Crescent Communities and Columbus, OH-based Glimcher Realty Trust. The six-story apartment complex is on a 2.7-acre parcel within the Glimcher’s 28.6-acre Scottsdale Quarter.
Glimcher and Crescent Communities broke ground on the luxury apartment complex in 2013, and completed the project last year.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch handled the all-cash sale.
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