redIQ Deal Highlight: JLB Partners Sells Roadrunner on McDowell
redIQ Deal Highlight: JLB Partners Sells Roadrunner on McDowell
redIQ would like to congratulate the team at JLB Partners for the sale of Roadrunner on McDowell in Scottsdale, Ariz. for $194 million. The 356-unit luxury community marks the highest sale price for an apartment building in the state’s history, equaling approximately $543,539 per unit. The transaction was led by Executive Managing Directors of Investments Steve Gebing and Cliff David of Institutional Property Advisors.
The Arizona market has seen massive growth over the last year as Phoenix rises as the most popular migration destination in the country. With approximately 85,000 residents moving to the area in the last year, the influx of new buyers pushed median home prices up 28% in 2021 to $435,200. Other recent transactions in the area include the Concorde Commerce Center in Phoenix for $23 million and the Arboretum at South Mountain for $118.25 million.
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