January 2, 2017
MG Properties, headquartered in San Diego, struck a $51 million deal with Rockwood Capital and Alliance Residential Co. to acquire the 330-unit Broadstone Scottsdale Horizon apartments. John Cunningham and Charles Steele with JLL brokered the transaction.
The 30-year-old property is at 9259 E. Raintree Dr. Formerly known as the Foothills Apartments, the property was, at one point, targeted for condominium conversion. Alliance picked up the asset in early 2007 as the condo market in Arizona began to cool. During its hold time, Alliance upgraded the asset with an eye toward increasing the rents.
MG Properties has rebranded the asset as Scottsdale Horizon. The complex offers one and two-bedroom units, along with, two resort swimming pools, a WiFi café and business center, and clubhouse and resident lounge.
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