Pillar Communities Acquires Huxley Scottsdale From High Street Residential And PGIM Real Estate For $76M

The transaction involved the sale of Huxley Scottsdale, a newly built 192-unit apartment complex located at 8555 East Raintree Drive in Scottsdale, AZ. The asset type is categorized as MultiFamily, and it was sold for $76 million, which translates to a price per unit of $395,833. The apartments feature modern units along with upscale amenities and starting rents of $2,182.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $76,000,000
• Address: 8555 East Raintree Drive, Scottsdale, AZ
• Units: 192
• Price Per Unit: $395,833
• Buyer: Pillar Communities
• Seller: High Street Residential & PGIM Real Estate
• Broker: CBRE
• Lender: Nationwide Life Insurance Company
• Loan Amount: $41,500,000

Pillar Communities was the buyer, represented by a broker from CBRE. High Street Residential and PGIM Real Estate were the sellers in this transaction. The financing for this deal was provided by Nationwide Life Insurance Company, which facilitated the acquisition with a loan amount of $41.5 million.