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News release

PHOENIX

Tightening Market Cements Upside Potential for Scottsdale Multifamily Asset

JLL announces $51 million sale of Broadstone Scottsdale Horizon


PHOENIX, Dec. 22, 2016 – On behalf of Rockwood Capital and Alliance Residential Company, JLL's Capital Markets experts today announced the firm completed the sale of Broadstone Scottsdale Horizon, a 330-unit multifamily rental community in one of the most coveted neighborhoods in North Scottsdale, Arizona. MG Properties purchased the community for $51 million.

Executive Vice President John Cunningham and Senior Vice President Charles Steele led the JLL team on the deal. 

"The Phoenix multifamily market continues its economic expansion, with a balanced supply of new units in concert with strong job growth in leading sectors representing long-term sustainability," said Cunningham. "North Scottsdale is in attractive proximity to all of metro Phoenix's major employment corridors, putting it in a prime position to capitalize on the area's strong amenity base and the appeal that provides to a growing renter base." 

Located at 9259 E. Raintree Drive in Scottsdale, at Raintree Drive and 92nd Street, Broadstone Scottsdale Horizon sits within a high-amenity submarket that includes neighborhood grocery and power centers, luxury retailers and restaurants, award-winning schools and immediate access to the Loop 101 Freeway. The targeted submarket renter (age 25 – 34) is projected to grow by three percent over the next five years. 

Averaging 883 square feet, units at Broadstone Scottsdale Horizon feature 9- and 22-foot ceilings, wood burning fireplaces, contemporary kitchens and dual master bedroom designs with private patio or balcony access off of every bedroom to enjoy direct mountain views. Common areas include a resort-style pool, resident clubhouse, business center and fitness facility. Built in 1986, the community has enjoyed regular improvements, but represents the opportunity to add value through additional amenity and unit upgrades.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe. 

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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate.  JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 70,000.  On behalf of its clients, the company provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.