DEM Acquires 104-Unit Multifamily Community In Scottsdale From Velocis Edison McCormick For $32.75M

The property asset involved in this transaction is a newly built luxury adult apartment community named 55 Resort Scottsdale, located at 9449 90th Street, Scottsdale, AZ. This multifamily asset comprises 104 units and was sold for $32,750,000, resulting in a price per unit of $314,904.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $32,750,000
• Address: 9449 90th Street
• Market: Scottsdale, AZ
• Units: 104
• Price Per Unit: $314,904
• Buyer: DEM
• Seller: Velocis Edison McCormick
• Brokerage: Colliers
• Brokers: Matt Roach, Chris Roach, Brad Cooke, Cindy Cooke

Colliers’ Cooke Multifamily Team, consisting of Matt Roach, Chris Roach, Brad Cooke, and Cindy Cooke, facilitated the sale of this multifamily project, marking the first such development in McCormick Ranch in 30 years. The transaction reflects a significant investment in multifamily housing within the Scottsdale market.