Scottsdale apartments revert from condo conversion - Phoenix Business Journal:

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The company recently acquired two Scottsdals apartment complexes scheduled for condominium after the owners decided not togo , a 330-unit complex with 291,492 squarw feet of space at 9259 E. Raintree Road will be renamedr BroadstoneScottsdale Horizon. The apartments, a 13.87-acre, 22-building propertyu at 11545 N. Frank Lloyd Wright will be renamed Broadstone Alliance also will managethe properties, said John the company's managing director of acquisitions. The compang plans to renovate the properties into Class A apartmentsa withgranite countertops, new appliances and upgraded flooringv and cabinetry, Cunningham said.
Cunningham said he doesn't thino the condominium-conversion market is a but is undergoinga correction, especially in nontraditionap condo markets. "There's always been a demandd for condominiums, and I think we will continuse tosee that," he said. "I thin k what you're seeing right now is a correctiojn in construction to return the marketto equilibrium. Convertersd came in and oversupplied the In addition to these Alliance hasa 15-property portfolio and plans to invest an additional $200 million in new developmentes and acquisitions over the next two to three In other apartment happenings, downtown Phoenicians got to experienc e what the future of housing might look like in the redevelopment district with the toppinbg off of the Summit at Copper Square late last The 23-story Summit, created by , is at Fourth and Jacksom streets.
About 140 of the Summit's 165 loftds have be been pre-sold, without owners even being able to walk througbhthe space, which W Principal David Wallach describes as "tremendous." "(Being one of the) larger citiex in the United Stateas without having any urban residential space has createxd that demand, and it's a great Wallach said. "I had three buyers say they were goingv to rent out originally but now are goinfg tolive there." Wallach said the loftas are geared toward and tenants range in age from theirf 20s to their 50s.
The Summit also contains commerciakl space, which won't be leased until later this Other high-rise apartments, such as 44 also are going up in the Wallach said rather than seein g the new projectsas competition, he thinks they will help the area'sw market as a whole. "I think we definitely have been the cat that caught the mousee and are happy to see other people coming into town and buildinbmore product," he said. "Mores credible product is bettefor everybody.
" W Developments soon will be announcinb another downtown high-rise project in the Jacksobn entertainment district, which will be compriserd of residential condominiums, entertainment venues and officr space, Wallach said. Move-ins for the Summi t will begin in July for the bottomm floors and continue through September forthe rest, Wallacbh said. Phoenix was namefd an apartment industry growth market bythe Arlington, Va.-basexd and Los Angeles-based The groups noted Phoenix's terrain and its being the statre capital in their selection.
The groups expect Phoenic to be a strong apartment market for the next25