Rincon Partners Sells 202-Unit Apartment Community in Scottsdale for $36.25 Million

PHOENIX, October 21, 2019 – Cushman & Wakefield announced that Phoenix-based RP 115, LLC (an entity formed by Rincon Partners) sold Centerra Apartments Homes, located at 111000 N. 115th Street in Scottsdale, Ariz., for $36.25 million ($179,455 per unit) to Phoenix-based Tanbic Edgehill Centerra Apartments, LLC (an entity formed by Ryan and Anthony Francisco with Edgehill Investments and Tanner Bickelhaupt with Tanbic Investments).

Built in 1986 and located in North Scottsdale, Centerra Apartment Homes is a recently renovated 202-unit garden-style apartment community. The property offers one- and two-bedroom apartments, averaging 746 square feet, featuring stainless steel appliances, granite countertops, new cabinetry in kitchens and baths, walk-in closets, wood-style flooring, washer/dryers and private patios/balconies. Community amenities include a two resort-style pools and spas, fire pit with surrounding seating, barbecue/picnic area, new fitness center, new leasing/business center and an off-leash dog park.

David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction. Nicoluzakis stated, “This North Scottsdale location is a very supply constraint area that will provide these buyers a durable investment with excellent potential for growth in the future.”

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Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

2019-10-21T15:39:16-07:00October 21st, 2019|