Taylor Street Advisors, a leading full-service real estate firm in Phoenix, Arizona, announced the sales of Aspen Cove located in Payson, AZ for $11,000,000; The Hepburn Apartments located in downtown Phoenix for $3,900,000; and the sale of Los Porticos on 85th located in Scottsdale, AZ for $8,000,000 for a total of $22,900,000.
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Brian Tranetzki and Anton Laakso, multifamily investment specialists, had the exclusive listings and negotiated the transactions on behalf of the sellers, local investment groups and the buyers, out of state 1031 exchange buyers. Thomas Beniamen, an investment advisor with Taylor Street also assisted with the Aspen Cove transaction.
Los Porticos on 85th traded for $8,000,000 or $333,333 a unit and is located at 1221 N 85th Pl Scottsdale, Arizona. “Built in 1984, Los Porticos on 85th features 24 units with an active condo map and an attractive unit mix of 8 one-bedroom one-bathroom and 16 two-bedroom two-bathroom units. In 2022, the property was renovated to include a new modernized paint scheme, black rod iron gate surrounding the property and swimming pool, landscaping, and new exterior lighting, new flooring, white shaker cabinets, quartz countertops, tile backsplash, stainless steel appliances, and new modern lighting. Several of the upstairs units have vaulted ceilings with fireplaces,” says Tranetzki.
Aspen Cove traded for $11,000,000 or $186,440 a unit and is located at 801 E Frontier St, Payson, Arizona 85541. “Aspen Cove is an attractive 59-unit garden-style apartment community located in the heart of Payson, AZ, a bustling community located just an hour and a half from Phoenix. Built in 1984 of stick-built construction and pitched roofs, this property is individually metered for electricity, contains individual hot water heaters and all the units are outfitted with full kitchens including dishwashers. Additionally, the property is ideally positioned near both Payson Christian School, within a quarter mile, and Payson High School less than two miles away,” adds Beniamen.
The Hepburn traded at $3,900,000 or $243,750 a unit and is located at 631 N 4th Avenue, Phoenix, Arizona. “The Hepburn is a fully renovated 16-unit apartment community located in the heart of Downtown Phoenix just off Roosevelt Row, Phoenix’s most sought-after historic district. The property is .7 miles from the downtown campus of Arizona State University, one of the nation’s largest universities with an enrollment of over 75,000 students with the downtown campus hosing its graduate college, the Sandra Day O’Connor college of law and the Walter Cronkite School of Journalism, The Hepburn was built in 1957 and underwent significant renovations in 2022,” says Laakso.
