ARIZONA NEWS

Chicago-based real estate company buys apartment complex in Scottsdale

Apr 23, 2019, 4:44 AM | Updated: 3:37 pm

(Screenshot: Rockwell Partners)...

(Screenshot: Rockwell Partners)

(Screenshot: Rockwell Partners)

PHOENIX — It’s called the “Chicago of the West” for a reason.

Rockwell Partners — a real estate company based in Chicago — bought Tatum Place Apartments in Scottsdale for $26.15 million. The property is located near the State Route 51 and Loop 101 freeways.

The 35-year-old apartment complex features 11 two-story buildings with two swimming pools and a fitness center.

Rockwell has a $4 million budget to spend on renovations of Tatum Place. Prior to taking over, Rockwell representatives say the former owner of the property spent over $1 million recently in renovations.

The property was last sold in 2016 for $18.1 million, according to the Kasten Long Commercial Group Weekly Apartment Closing Update.

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Chicago-based real estate company buys apartment complex in Scottsdale