SCOTTSDALE, AZ — The 285-unit Scottsdale Grand property in north Scottsdale has a new owner.
Oxford Properties Group acquired the property this month, becoming the second Valley property the company has acquired this year, joining Ten01 in Tempe, which Oxford purchased in February.
The decision to add Scottsdale Grand to the company’s footprint stemmed from their desire to expand in the rapidly-growing real estate market in the Valley, Oxford’s Jeff Turkanis said.
“Oxford has witnessed tremendous growth in Phoenix and is committed to building out our multifamily business here with assets like Scottsdale Grand and Ten01 on the Lake,” said Turkanis, Head of U.S. Residential at Oxford, in a statement. “Oxford has set a strategic priority of creating a portfolio of 15,000 multifamily units in the U.S. by 2025 and acquiring Scottsdale Grand is further progress towards that priority.
“We remain committed to markets like Phoenix that continue to see favorable migration trends, population and employment growth, especially within the STEM sector.”
Oxford owns or manages more than 13,000 apartments in the U.S., Canada and Europe, with an eye toward adding more in the near-distant future.
“Growing our global multifamily business is one of Oxford’s highest conviction investment strategies,” Turkanis said. “To support that, as we continue to build out our U.S portfolio we’ll invest across the risk curve in core, value-add and development opportunities.
“Ultimately this will see us acquire, develop and improve assets to deliver great places to live for our residents.”
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