PHOENIX, AZ – Cassidy Turley, a leading commercial real estate provider in the U.S., has sold a 5.4 acre multi-family development site approved for 316 units at 75th Street and Stetson Drive in Downtown Scottsdale. A partnership formed by Alliance Residential (Bruce Ward, Bob Hutt, Jay Jimenez, Ian Swiergol) purchased the property for $18,500,000, $78.50 per square foot, and $58,544 per unit. Executive Vice Presidents David Fogler and Steven Nicoluzakis with Cassidy Turley Arizona’s Multi-Family Investment Group and Don Arones, with Cassidy Turley’s Office Group, brokered the transaction on behalf of the Seller - Equity Partners Group (Steven Yari, Shawn Yari, Bob Agahi), a division of Triyar Companies of Scottsdale.
“This is a premier multifamily development site located in the center of the Entertainment District in Downtown Scottsdale. With the entitlements that were in place and the development expertise of Alliance Residential, this will prove to be one of the leading multifamily projects in the market.” according to Nicoluzakis.
Alliance Residential intends to break ground on the development later this year.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.