By Sterling Real Estate Partners
Sterling Real Estate Partners recently acquired Suites on Scottsdale in an off-market transaction with plans to convert the hotel into market rate apartments.
Originally built in 1996, the 114-room extended stay hotel will be transformed into a luxury, 85-unit apartment community. The property is located on the corner of Scottsdale Road and Mountain View Road, just south of Shea Boulevard. This acquisition marks Sterling’s second adaptive reuse project.
This is Sterling’s fifth acquisition in the last six months, totaling more than $60M. Sterling had the property under contract since December of 2020 while it processed a change in use from hospitality to residential. Sterling plans to begin development of the new apartments in summer of 2022 with completion estimated for the first quarter of 2023.
The conversion will consist of modifying the existing structure to conform to Scottsdale building codes. This will include new balconies for every unit, enhanced curb appeal, and select rooms combined to improve the unit mix.
Amenities will feature a large conference room with workspace-style offices, indoor/outdoor fitness center, yoga studio, movie theater, dog park with pet washing station, resort style pool, automated package locker delivery system, smart access system, and others.
Residences will consist of luxury one-, two-, and three-bedroom units ranging from 450SF-1,350SF. Site amenities will be redesigned during the conversion along with various upgrades and additions throughout the property.
Dinesh Rama of NewGen Advisory brokered the transaction for the 114-room hotel. (Source)
