Cushman & Wakefield negotiated the $18.1 million ($110,336 per unit) sale of Tatum Place, a 164-unit apartment community located at 16801 N. 49th Street in Scottsdale, to Phoenix-based Clear Sky Capital EBH, LLC.
The property, built in 1984, currently offers one- and two-bedroom floor plans with an average unit size of 804 square feet.
Tatum Place offers its residents two swimming pools (one Olympic Style), sun decks, spa, fitness center, gas barbecue grills and picnic area, laundry facility, gated access and covered parking. Tatum Place also features panoramic mountain views and has easy access to a variety of shopping, dining and entertainment venues.
Tatum Place is a well maintained apartment home community, with great value-add potential.
Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the seller, NNC Tatum Place, LLC of Long Beach, California.
“The community presented an opportunity for an owner to continue repositioning the asset to compete with comparable properties in the thriving Northeast Phoenix market,” according to Fogler.