Stockdale Taps Nuveen for $72.3M Loan for Scottsdale Apartments
Stockdale Capital Partners utilized a $72.3 million acquisition loan from Nuveen to acquire The Quincy at Kierland in Scottsdale. The price for the recently completed mid-rise asset was $110.3 million, or about $414,000 a unit. Embrey sold the 266-unit Scottsdale apartment complex in an all-cash deal. The Quincy at Kierland achieved a 94.4 percent occupancy rate at the time of sale. Units average 867 square feet, and rents at the property average $2,389 per month.
The five-year, floating rate loan was arranged by Cameron Chalfant, Jesse Zarouk, and Brian Eisendrath of IPA in the firm’s Los Angeles office.
Quincy at Kierland is Stockdale’s second all-cash acquisition in the past 60 days. In October, the firm acquired Amelia at Farmer’s Market, a 297-unit Class A multifamily community in Downtown Dallas, TX.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout