Oxford Properties Group (“Oxford”), a leading global real estate investor, asset manager, developer and business builder today announced the acquisition of Scottsdale Grand, a 239,000-square-foot, 285-unit property in North Scottsdale, Arizona. The deal is Oxford’s second Phoenix area multifamily acquisition in 2021 following the February purchase of Ten01 on the Lake, a 523-unit property in Tempe, and supports Oxford’s strategy to build a 15,000-unit portfolio in the U.S. by 2025.
“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 Jeff Turkanis, Head of U.S. Residential at Oxford. “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.”
Globally, Oxford has developed significant momentum in the multifamily sector over the last year. In 2020, Oxford raised ~US$345 million—through its joint investment vehicle DOOR—for its UK multifamily platform Get Living, backing the platform’s ambition to become the UK’s preeminent built to rent (BTR) provider. While last month, alongside its portfolio company Investa, Oxford launched its Australian build to rent management platform, Indi. Indi intends to develop a prime portfolio of 5,000 apartments and become the leading BTR platform in Australia.
“Growing our global multifamily business is one of Oxford’s highest conviction investment strategies. 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,” added Turkanis.
Oxford currently owns and asset manages more than 13,000 apartments globally including significant holdings in Canada, the U.S. and Europe. Oxford has a near-term development pipeline of more than 8,000 units worldwide and continues to look to add supply that helps address the shortage of professionally managed rental apartments in growing cities.
CBRE represented the ownership group on the sale of Scottsdale Grand.