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CBRE Negotiates $68.28M Sale of Crown Court Apartments in Scottsdale

 

CBRE negotiated the sale of Crown Court Apartments, a 416-unit multi-family community at 7900 E. Princess Dr. in Scottsdale.

The purchase price was $68.28M.

Vice Chairmen Tyler Anderson and Sean Cunningham, and Senior Associate Asher Gunter of CBRE’s Phoenix office represented the seller and structured the transaction. The buyer was PrivatePortfolio Group LLC of Seattle.

Built in 1987, Crown Court Apartments is located in an amenity-rich area, adjacent to the Scottsdale Fairmont Princess Resort and close to the TPC Scottsdale golf course and numerous upscale shopping and dining venues.

The community has two resort-style swimming pools, designer clubhouse, 24-hour fitness center, resident media/theater room and lighted sports courts. Interior apartment amenities include fully-appointed kitchens, full-size washers and dryers, Roman tubs and spacious walk-in closets.

Crown Court Apartments was 95% occupied at the time of sale.

 

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Pulling together the multiple facets of the commercial real estate industry in Arizona, AZRE: Arizona Commercial Real Estate Magazine reaches out to the largest local and national commercial real estate audience within the Grand Canyon State and beyond. AZRE covers up-to-date happenings within commercial development, brokerage, construction, investment, finance, architecture, property management, real estate law and more as it relates to Arizona. Additionally, AZRE is an active voice within the commercial industry, partnering with such organizations as NAIOP, ABA, ICSC AZ, AIA AZ and Valley Partnership.