Eight-unit Scottsdale apartment community sells for more than $1M

The property at 6701 E. Cheery Lynn Road recently sold for $1,104,000 (Submitted photo)

Marcus & Millichap commercial real estate investment services firm has announced the sale of 6701 E. Cheery Lynn Road.

The eight-unit apartment community is located in the Holiday Park neighborhood, west of Old Town Scottsdale, according to a press release, noting that the asset sold for $1,104,000.

“Within a matter of days of presenting this first-generation value-add opportunity to the market, we fielded multiple offers and created a competitive bidding environment around this rare asset in an area with very little inventory,” said Christian Trujillo, an investment specialist in Marcus & Millichap’s Phoenix office, who represented the private investor seller.

“This was the buyer’s first acquisition in Arizona, and he plans on completely renovating the interior and exterior in order to raise rents to match the rapidly growing market near Old Town Scottsdale,” Mr. Trujillo, who also procured the buyer, said in a prepared statement.

The property at 6701 E. Cheery Lynn Road was developed in 1958 and has two single-level buildings containing four units each, the release said of the six two-bedroom/one-bathroom units and two one-bedroom/one-bathroom units.

The recently renovated apartment exterior has a new pitched shingle roof added in 2018 and new double-pane windows throughout, the release detailed, adding about a gated community area.

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