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| John Cunningham |
SCOTTSDALE, AZ – Highly
amenitized multifamily opportunities continue to garner top billing among
developers and investors. In an off-market deal,
Simpson Housing, LLLP
purchased Jefferson on Legacy, a 322-unit multifamily property located in
Scottsdale, Arizona.
JLL’s Capital Markets
experts brought the new buyers to the table after securing joint venture
capital for the project in late 2013; JLL joined the project’s developer, JPI,
with AEW Capital Management, L.P. to capitalize the project.
Executive Vice President John Cunningham and Vice President Charles Steele led the JLL team on both
the buy-side and joint venture equity transactions.
“Transacting on an asset
prior to stabilization has been challenging in the current market environment,”
said Cunningham. “Jefferson on Legacy’s irreplaceable North Scottsdale location
and enduring construction quality proved to be substantial motivators for our
client.”
Located in the One
Scottsdale mixed-use development, Jefferson on Legacy is located near diverse
high-paying jobs and world-class retail, dining and entertainment amenities.
The community was completed in September 2015 and is approximately 45 percent
occupied. Simpson will take over management and leasing of the community and
will rename the property Avion on Legacy.
For a complete copy of the company’s news release,
please contact:
Stacey Hershauer
focusAZ
Marketing & Public
Relations
(480) 600-0195
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