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December 23, 2020 Comments Off on Scottsdale’s Diversified Drops $55M for Two PHX MF’s Views: 669 Phoenix, Phoenix & Southwest News

Scottsdale’s Diversified Drops $55M for Two PHX MF’s

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Two multifamily properties in Phoenix traded hands for a combined $55 million. Ascent 1829 was acquired by an entity affiliated with Scottsdale-based Diversified Partners for $30.85 million. Diversified Partners also acquired Vicinity for $24.2 million. The seller of both assets were entities tracing to Jason McCool.

Constructed in 1980 on six acres, Ascent 1829 (pictured) features 180 units and is located at 1829 E. Morten Ave. in the Great North Central Phoenix region. Renovation efforts are underway, with 47 of the units fully updated with stainless steel appliances, vinyl wood plank flooring, built-in microwave oven, modern plumbing fixtures and contemporary lighting.

Built in 1975, the Vicinity apartments encompass 125 units across ten buildings. All have been recently renovated and feature wood frame construction, stucco exterior finishes and flat and mansard tiled roofs. Situated on roughly 4.32 acres, the property is located at 6131 N. 16th St. in North Central Phoenix.

Newmark’s Brad Goff, Brett Polachek and Chris Canter handled the deals.

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