The SkySong Scottsdale Apartments have been purchased by a Memphis-based company in a transaction highlighting how the overall mixed-use development is creating a significant economic impact.
Mid-America Apartment Communities has purchased the 325-unit property for $67.5 million. The apartments were constructed in a joint venture between the ASU Foundation and USAA Real Estate Co. The strong sale price is an indication of how SkySong, The ASU Scottsdale Innovation Center is succeeding in creating a successful and dynamic economic engine for Scottsdale and the region.
The purchase comes on the heels of the successful opening of SkySong 3, the newest office building at SkySong, which is already at 90 percent occupancy. Additionally, the SkySong development team has announced plans for a new restaurant facility along Scottsdale Road at SkySong Boulevard, and construction of SkySong 4 is anticipated to begin sometime in 2015.
“We are very pleased at the momentum that is building around this project and its overall impact on the Valley’s economy,” said Don Couvillion, Vice President of Real Estate for the ASU Foundation. “The successful sale of the SkySong Scottsdale Apartments is an indication of just how much enthusiasm there is in the business community for what’s happening at SkySong and how it is evolving.”
Sharon Harper, President & CEO of Plaza Companies, the master developer of SkySong, said the project is emerging as the premier mixed-use development in the region.
“SkySong is emerging as one of the most high-profile and successful projects in Arizona, and we continue to be excited about its future,” Harper said. “The vision for the project and its focus on innovation and technology are making it extremely attractive to a broad spectrum of companies, as well as their employees who are choosing to work and live at SkySong as well.”