Estancia, a 62-unit multifamily community at 3620 N. Miller Rd., Scottsdale, sold for $6,900,000 or $172.63 per SF ($111,290 per door).
Lee & Associates brokers Bryson Fricke and Todd Braun represented both the seller, California-based JBC Estancia Inc., and the buyer, California-based The Tides at Old Town LLC.
The new ownership will rename the community, The Tides of Old Town and will reposition the property with extensive exterior and interior renovations.
Built in 1957 and renovated in 2006, the unit mix features 32 studios, 6 one-bedroom and 24 two-bedroom units. It is located in the heart of Downtown Scottsdale and is adjacent to Scottsdale Stadium, the spring training home for the San Francisco Giants, walking distance to exclusive shopping, fine restaurants, art galleries and the Scottsdale Center for the Arts at the Scottsdale Civic Center.
