PHOENIX, AZ – MAXX Properties, a privately held real estate company, announced the acquisition of 92Forty Scottsdale, a 110-unit apartment building in popular North Scottsdale.
92Forty Scottsdale is part of MAXX Properties' growing portfolio in Arizona and MAXX's sixth multi-family property in the greater Phoenix area, increasing its total Arizona footprint to 1,290 units.
According to population estimates by the U.S. Census Bureau among the fastest growing metropolitan areas, driven by diverse job opportunities, a comfortable climate and affordability. Scottsdale is one of the prime immigration destinations, which only accelerated during the pandemic.
“The acquisition of 92Forty Scottsdale is in line with our strategy of positioning ourselves in high performing, strong growth markets and offers the opportunity to create value through thoughtful capital improvements,” said Rick Wiener, Chairman and Co-CEO of MAXX Properties. "This community is in a market that we know well and is a proud addition to our existing portfolio."
Built in 1987, the community consists of one and two bedroom apartments ranging from 669 to 903 square feet. Facilities include a year-round swimming pool with spa, package lockers, a clubhouse, and a fitness center. MAXX plans to invest in capital improvements to reposition the property through interior renovations and improve common areas, including an off-leash dog park.
92Forty is located in the vast North Scottsdale region. The area offers something for everyone with numerous golf courses, close proximity to hiking trails and McDowell Mountain Regional Park, and plenty of shopping and dining. Downtown Phoenix and Tempe are just a short ride away on the 101 Loop.
92 Forty Scottsdale was activated in part through a loan from KeyBank NA.
Source: MAXX properties