Institutional Real Estate Advisors (IPA)A division of Marcus & Millichap MMI, announced today the sale of SeventyOne15 McDowell, a newly constructed 274 unit multi family home in Scottsdale, Arizona. The property sold for $150 million, or $547,445 per unit.
“Phoenix will again see one of the highest rates of immigration in the country this year, and Scottsdale is one of the region’s most attractive live work-play destinations for high-paying professionals,” said Steve Gebing, Executive Managing Director of IPA. “Developed by Alliance Residential, SeventyOne15 McDowell offers superior design and construction with luxurious interiors and amenities in the common areas. The property stands poised to benefit from the business and academic partnerships driving South Scottsdale’s economic prosperity.” Gebing and IPA Managing Director Cliff David represented the seller and mediated the buyer.
Completed in 2022, the property is near SkySong, a 1.2 million square foot ASU Scottsdale Innovation Center. The Old Town Scottsdale and South Scottsdale employment corridors are nearby, along with the area’s major employers, General Dynamics, HonorHealth, Vitalant, Yelp, Indeed, Banner Health and Opendoor. Old Town Scottsdale, home to designer art galleries, nightlife and Scottsdale Stadium is less than three miles away.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap MMIa leading commercial property…
