Quarterra Sells 290-Unit Kierland Rental Asset
Quarterra Multifamily has sold Residences Kierland, a 290-unit community in Scottsdale, to MacNaughton.
MultihousingNews reports that Nationwide issued a $90 million, five-year loan to McNaughton for the transaction. This is the first time the property traded.
Located at 15825 N. 71st St., the property came online in 2023 on roughly 4 acres. It sits next to The Westin Golf Course, with multiple dining and retail options along N. Scottsdale Road.
The six-story Residences Kierland encompasses one- and two-bedroom units ranging from 691 to 2,025 square feet. Some apartments feature balconies or patios. Amenities at the pet-friendly community include a fitness center, business center, clubhouse, dog park, swimming pool and spa. Residences Kierland has a multi-level, 475-space parking structure with EV charging stations.
Recently, Quarterra, the apartment division of Lennar Homes, announced it is selling a 3,746-unit rental portfolio spread across seven states. JLL is marketing the portfolio sale.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout