CBRE announced the recent sale of The Hayden, a multifamily property in Scottsdale, to San Francisco Bay Area-based real estate investment firm Fivey Company for $8.3 million.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the seller, Fringe Capital Partners, a Chicago-based real estate investment firm, according to a press release.
“This asset provides the new owner with an incredible property with additional rent upside in one of the nation’s fastest-growing markets,” said Smuckler in the release.
Located 2635 N. Hayden Road, the 25-unit, garden-style apartment community was originally constructed in 1978. Extensively renovated and re-positioned by Fringe Capital in 2020, the release said the quality of renovations is comparable to new construction.
The Hayden is comprised of two two-story buildings with a unit mix of all two-bedroom, one-bathroom apartments and an average size of 884 square-feet. Community amenities include a pool, courtyard, and covered parking.
The property is located less than two miles from Old Town Scottsdale, a neighborhood that features many of the area’s most popular dining, retail and entertainment destinations, added the release.