Harbor Group Worldwide Sells 329-Unit Avia McCormick Ranch Condo Neighborhood in Phoenix Submarket for $96.three Million

Harbor Group International Sells 329-Unit Avia McCormick Ranch Apartment Community in Phoenix Submarket for $96.3 Million

SCOTTSDALE, AZ – Harbor Group International, a privately held international real estate investment and management company, announced the sale of Avia McCormick Ranch, a garden-style gated community of 329 units in Scottsdale, Arizona, for $ 96.3 million. HGI purchased the property in 2019 for $ 63.5 million and, after the acquisition, invested an additional $ 4.4 million in renovations to update the units' interiors, landscaping, and overall curb appeal.

Located in the prestigious McCormick Ranch community in central Scottsdale, the property is close to several recreational opportunities including two championship golf courses, over 40 miles of bike paths, numerous parks and seven accessible lakes. The property is also near the Loop 101 Freeway, which provides convenient access to several of Phoenix's major work centers.

"Avia McCormick Ranch is a prime example of Harbor Group International's value creation strategy in markets with strong multi-family fundamentals and high barriers to entry," said T. Richard Litton, President of HGI. "We were able to execute our business plan for this property quickly as the greater Phoenix area has benefited in recent years from an increase in job opportunities from financial services and technology companies that have moved to the city, increasing the demand for well-located, quality housing."

Built in 1978, Avia McCormick Ranch offers amenities such as four swimming pools with cabanas, a clubhouse, a 24-hour fitness center, basketball and tennis courts, and outdoor lounge areas.

Source: International port group


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