Tuesday, June 7, 2016

ColRich Multifamily Purchases Two Scottsdale Apartment Complexes for $67.5 Million

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ColRich Multifamily purchased two adjacent Scottsdale apartment complexes yesterday from NorthStar Realty Finance for a total of $67.5 million, or $108,000 per unit. Each sale was funded by an assumption of the seller's prior loans with US Bank, as well as new notes with Freddie Mac.

Visconti at Camelback totals 348 units and Indian Bend Condominiums totals 278. Both are located near the southwest corner of Hayden and Camelback Rds in southern Scottsdale and include 2 pools each. The properties are located across from the Club SAR Fitness Center and Le Cordon Bleu College of Culinary Arts.

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