December 18, 2015
Passco Cos. recently acquired an apartment complex in Scottsdale, Ariz., for just over $52.5 million. Renamed Luxe Scottsdale, the property has 218 units, a 24-hour fitness center, and a two-story clubhouse overlooking the pool, among other amenities.
Gary Goodman, a senior vice president for Passco, said that the investment was attractive because of its location in the downtown area of Scottsdale, which has retail, restaurants and nightlife, and is also experiencing unprecedented employment growth. According to Goodman, the Luxe Scottsdale, now in its initial lease-up phase, offers a bright future, especially for millennials seeking a work-live-play environment.
The seller was Wood Partners, an Atlanta-based developer which has developed three other apartment complexes in the region. Wood Partners was represented by CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch from the Phoenix office.