Scottsdale – A company formed by Sentinel Real Estate Corp. in New York City, N.Y. (Bob Kass, principal) paid $57.75 million ($209,239 per unit) to buy The Paragon at Kierland, a 276-unit apartment project at 15440 N. 71st Street in Scottsdale. The seller was Sunstone Paragon LP, a limited partnership formed by Sunstone Realty Advisors in Vancouver, British Columbia, Canada (Steve Evans, Darren Latoski, principals). The cash sale was brokered by Jerry Tenge and Tristan Charlesworth of Colliers International in Phoenix. The purchase price of $209,239 per unit is the highest amount per unit ever paid for a Valley apartment community. The previous high water mark was set in June of this year when Crow Holdings in Dallas, Tex. paid $46.919 million ($185,449 per unit) to purchase the 253-unit Pavilions on Central apartments located at 1 W. Campbell Avenue in Phoenix. The amount per unit that Sentinel paid for The Paragon at Kierland is $23,790 more per unit than the amount Crow Holdings paid for Pavilions on Central. Continue reading
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