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Harbor Group sells Arizona apartment property for $96M
Harbor Group International announced the sale of Avia McCormick Ranch, a 329-unit, garden-style apartment community in Scottsdale, Ariz., for $96.3 million.
HGI purchased the property in 2019 for $63.5 million and upon acquisition, invested an additional $4.4 million in renovations to update unit interiors, landscaping and overall curb appeal.
Located in the McCormick Ranch community in central Scottsdale, the property is proximate to several recreational options, including two championship golf courses, over 25 miles of bicycle paths, numerous parks and seven accessible lakes. The property is also near the Loop 101 Freeway, providing convenient access to several of Phoenix’s major employment centers.
“Avia McCormick Ranch is an excellent illustration of Harbor Group International’s value-add strategy in markets with strong multifamily fundamentals and high barriers to entry,” said T. Richard Litton, President of HGI. “We were able to rapidly achieve our business plan for this property as the greater Phoenix area has benefitted from a surge of employment opportunities from financial services and technology firms moving to the city in recent years, driving demand for well-located, high-quality housing.”
Built in 1978, Avia McCormick Ranch features amenities including four swimming pools with cabanas, a resident clubhouse, 24-hour fitness center, basketball and tennis courts, and outdoor lounging areas.
The transaction was facilitated by CBRE.
The post Harbor Group sells Arizona apartment property for $96M appeared first on Real Estate Weekly.