CBRE Negotiates Sale of 2 Luxury Apartment Communities
negotiated the sale of the 249-unit Montierra and 320-unit San Marcos luxury apartments, located in the preferred North Scottsdale submarket.
Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office represented the institutional seller and structured the transaction. The buyer was Camden Property Trust of Houston. The purchase price was not disclosed.
“Montierra and San Marcos are excellent additions to Camden’s existing portfolio of assets in the Scottsdale market with the added benefit of their ability to increase returns through interior upgrades and further enhancements to community amenities,” Anderson said.
Both communities offer residents gated access, a resort-style swimming pool and spa, a designer clubhouse, business center and a 24-hour fitness center equipped with Cardio Theater. Individual units feature spacious floor plans with nine-foot ceilings, gourmet kitchens, full-size washers and dryers, garden tubs, large walk-in closets and private patios or balconies with additional storage.
Located at 9850 N. 73rd St., Montierra was built in 1999. San Marcos, 9595 E. Thunderbird Rd., was built in 1999. The properties were 95% occupied at the time of sale.