Vizzda – June 13, 2013 – The Scottsdale Meadows Apartments sold yesterday for $20.63m or $122,797 per door with $5.158m down and $15,472,000 new agency debt originated by Walker and Dunlop Real Estate Finance of Bathesda, MD, and assigned to Freddie Mac (FHLMC). The seller was Equity Residential, represented by vice president Dede Berdelle, and the buyer was Aukum Management, represented by president Jason Fuchs.
The Scottsdale Meadows Apartments is a 168 unit two-story apartment complex of eleven buildings totaling 149,520 ft2, built in 1984 on 7.81 acres. It is located to the northwest of the intersection of Scottsdale Road and Shea Boulevard at 10888 N 70th Street in Scottsdale.
Equity Residential had acquired the Scottsdale Meadows pursuant to their $1.06 billion acquisition of Evans-Withycombe in 1997; Evans-Withycombe had owned the apartments since at least June 21, 1993. The most recent debt on the property was a $9.27m Fannie Mae (FNMA) loan dating to July 7, 2011, which was released with sale.
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