Broadstone Lincoln Apartments, a 264-unit multi-family property in Scottsdale, Arizona, was recently acquired by The Praedium Group, a New York City-based national real estate investment firm, on behalf of a separate account.
"Broadstone Lincoln is among the newest and highest quality assets in Scottsdale with high-quality interior finishes and amenities such as granite countertops, gas cooktops, stainless steel appliances, floor to ceiling windows, and below-grade parking," said Asim Hamid, Managing Director of The Praedium Group.
According to the press release of The Praedium Group in PR NewsWire, the Broadstone Lincoln Apartments feature community amenities that include a two-storey fitness center and a resort-style pool with outdoor cabanas. The property also has a LEED Platinum Certification.
Located at 7100 E Lincoln Drive, Paradise Valley, the Broadstone Lincoln property is less than three miles away from the diversified, high-wage employment base of Scottsdale, and from the high-end shopping centers and cultural attractions in the area, including the Scottsdale Fashion Square and the Scottsdale Museum of Contemporary Art or SMoCA. Other companies in the proximity of the apartment include Yelp, Groupon, McKesson, Zenefits, Scottsdale Healthcare, Weebly, and CA Technologies.
"Due to its proximity to advanced educational facilities and the dynamic growth from technology and healthcare companies, Scottsdale continues to have exceptional employment drivers," Hamid added.
The Praedium Group is a privately-held real estate investment firm that focuses on middle-market assets that have been neglected by traditional institutional investors because of capital market conditions, inadequate capitalization, destabilized leasing, accelerated acquisition time frames, prior mismanagement, or other special situations. The company invests in multi-family, office, retail, industrial and mixed-use properties, in all levels of the capital structure, including equity, preferred equity, mezzanine debt and senior debt.
At present, The Praedium Group has completed over 350 transactions representing approximately $10 billion of capital, including 73,000 multi-family units and nearly 44 million square feet of commercial space.
