Sonoran Vista in Scottsdale sells for $67M
CBRE arranged the sale of Sonoran Vista, a 264-unit Class A multifamily community, on behalf of Aukum Group for $67 million. The property was acquired by Acacia Capital Corporation.
Located at 9340 E. Redfield Road in the North Scottsdale submarket of Phoenix, Sonoran Vista features a low-density site plan with an average unit size of 1,027 square feet. Recent common area upgrades include a newly renovated clubhouse, state-of-the-art fitness center and pool area.
“Approximately one-third of the units at Sonoran Vista are two-bedroom, two-story townhome units with direct access garages, which is rare for North Scottsdale,” said CBRE’s Gunter. “This kind of a unique asset in a top-performing multifamily submarket generated significant interest.”
North Scottsdale rental rates have increased 36.4 percent since Q1 2015 compared to the national average multifamily rent growth of 22.9 percent during the same timeframe, according to data analyzed by CBRE Research.
Aukum Group (formerly Aukum Management) is a private real estate investment company focused on apartments in the western United States. Aukum has acquired over 7,000 apartment units in transactions with an aggregate total cost over $1 billion since its founding in 2009. Aukum is actively managing a portfolio of over 4,000 units.
Since forming its first institutional fund in 1992, Acacia Capital Corporation’s investment funds have acquired real estate debt and equity interests with an aggregate cost in excess of $5 billion. Throughout its history, Acacia has invested in nearly 30,000 apartment units and 42,000 single-family home lots.