The SkySong Scottsdale Apartments have been purchased by a Memphis-based company in a transaction highlighting how the overall mixed- use development is creating a significant economic impact.
Mid-America Apartment Communities has purchased the 325-unit property for $67.5 million. The apartments were constructed in a joint venture between the ASU Foundation and USAA Real Estate Co. The strong sale price is an indication of how SkySong, The ASU Scottsdale Innovation Center is succeeding in creating a successful and dynamic economic engine for Scottsdale and the region.
The purchase comes on the heels of the successful opening of SkySong 3, the newest office building at SkySong, which is already at 90 percent occupancy. Additionally, the SkySong development team has announced plans for a new restaurant facility along Scottsdale Road at SkySong Boulevard, and construction of SkySong 4 is anticipated to begin sometime in 2015.
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