SCOTTSDALE, ARIZ. — The Praedium Group has purchased the 264-unit Broadstone Lincoln apartment complex in Scottsdale for an undisclosed sum. The Class A community is located at 7100 E. Lincoln Drive.
Broadstone Lincoln features a two-story fitness center and a resort-style pool with outdoor cabanas. It has also achieved LEED-Platinum certification.
“Broadstone Lincoln is among the newest and highest-quality assets in Scottsdale,” says Asim Hamid, Praedium’s managing director. “Due to its proximity to advanced educational facilities and dynamic growth from technology and healthcare companies, Scottsdale continues to have exceptional employment drivers.”
Notable employers in the area include Yelp, Groupon, McKesson, Zenefits, Scottsdale Healthcare, Weebly and CA Technologies.
Broadstone Lincoln is situated less than three miles from downtown Scottsdale, near Scottsdale Fashion Square and SMoCA, the Scottsdale Museum of Contemporary Art. It is adjacent to the recently approved $2 billion Ritz-Carlton Paradise Valley project, which is scheduled for completion in 2018. The new Five Star Development project will feature a 200-room Ritz-Carlton hotel, 94 townhome-style villas and 45 single-family homes with access to Ritz-Carlton hotel services and amenities.
The Praedium Group is a New York-based, privately held real estate investment firm that focuses on under-performing and undervalued assets throughout the United States. The firm executed the transaction on behalf of a separate account.