A 272-unit Scottsdale multifamily community was sold by its California-based owners to another California-based firm for $48.5 million, according to CBRE, which worked on the deal.

The Highlands, a garden-style community with one, two and three-bedroom floor plans, was bought by Newport Beach-based Olen Properties from Irvine-based Bascom Group.

Bascom Group was represented by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Multifamily Institutional Properties in Phoenix.

The Highlands is located at 15255 N. Frank Lloyd Wright Blvd., in Scottsdale and was developed in 1990.

Individual residences feature well-appointed kitchens, walk-in closets and full-size washer/dryers. Interior upgrades recently completed for 237 units include wood-style plank flooring, new cabinetry in the kitchen and bath areas, under-mount sink with a gooseneck faucet, brushed nickel fixtures throughout and granite countertops. Recent transformational upgrades to community amenities include a modern clubhouse, fitness center and pool area upgrades.

“The Highlands combines attractive design features and excellent amenities with an outstanding North Scottsdale location,” Anderson said. “The community has tremendous access to North Scottsdale’s major transportation hubs and expanding employment corridors.”