SCOTTSDALE, AZ – Harbor Group International, a privately owned international real estate investment and management firm, announced the sale of Avia McCormick Ranch, a 329-unit, garden-style apartment community in Scottsdale, Ariz., for $96.3 million. HGI bought the property in 2019 for $63.5 million and upon acquisition, invested an additional $4.4 million in renovations to update unit interiors, landscaping and overall curb appeal.
Located in the prestigious McCormick Ranch community in central Scottsdale, the property is proximate to several recreational options, including two championship golf courses, over 25 miles of bicycle paths, numerous parks and seven accessible lakes. The property is also near the Loop 101 Freeway, providing convenient access to several of Phoenix’s major employment centers.
“Avia McCormick Ranch is an brilliant illustration of Harbor Group International’s value-add strategy in markets with strong multifamily fundamentals and high barriers to entry,” said T. Richard Litton, President of HGI. “We were able to rapidly achieve our business plot for this property as the greater Phoenix area has benefitted from a surge of employment opportunities from financial services and technology firms moving to the city in recent years, driving demand for well-located, high-quality housing.”
Built in 1978, Avia McCormick Ranch features amenities including four swimming pools with cabanas, a resident clubhouse, 24-hour fitness center, basketball and tennis courts, and outdoor lounging areas.

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COLORADO SPRINGS, CO – Walker & Dunlop, Inc. announced that it completed the $50,000,000 sale for Ironwood at Palmer Park, a 192-unit multifamily property with tremendous value-add potential in Palmer Park, a suburban neighborhood in Colorado Springs, Colorado.
Managing Directors Jake Young, Dan Woodward, David Potarf, and Matt Barnett led the Walker & Dunlop sales team, serving as exclusive advisors to Priderock Capital Partners, the seller. The team handled the off-market sales process, ultimately facilitating the disposition to Tara Investment Group/Shefflin Investments, a private investment, development, and brokerage firm based in California.
Mr. Young commented, “The competitive sale for this prime asset is a testament to the strength of the multifamily market in Colorado Springs. Capital flow to the area has never been stronger, driving pricing comparable to the Denvermarket and an abundant appetite for value-add properties. This sale was also part of a larger $115,000,000 portfolio exchange that we handled, which included approximately 514 units across four different properties.”
Joel Shefflin added, “What was unusual about this transaction is that Shefflin Investments sold its long-held Colorado Springs Portfolio comprising Aspen Townhomes, the Montecito, and Broadmoor Springs Apartments – totaling 322 units – to Priderock Capital Partners. Then, in turn, we bought the 192-unit Ironwood at Palmer Park from Priderock in a simultaneous exchange.” He continued, “This transaction is helping catalyze our growth into new markets, exemplified by our recent acquisition of The Ledges in Tucson, Arizona, and another plotted acquisition in the Phoenix market.”
Located minutes from Palmer Park, a 737-acre wildlife preserve and mesa overlooking the Colorado Springs, Ironwood at Palmer Park offers residents immediate access to hiking, biking, horseback riding, and other outdoor sports amenities. The property is also located within walking distance to retail shops, grocery stores, restaurants, and entertainment options, all located along the well loved North Academy Boulevard. The property offers spacious two-bedroom apartment homes with private balconies and patios, fireplaces, and in-unit washers and dryers. Community amenities include a pool, leasing office, playground, volleyball court, fitness facility, grilling and picnic areas, and a business center.

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NAPLES, FL – Senior Resource Group, which develops, owns and operates luxury senior-living communities across seven states, in conjunction with its affiliated companies, announced it has bought The Carlisle Naples, a luxury senior-living campus community in Naples, Florida. Managed by SRG since 2005, the 350-unit, highly- amenitized Carlisle Naples provides both independent and helped-living services. As part of the transaction, SRG partnered with Harbert Seniors Housing Fund II, L.P. to buy the unique and distinguished community and re-envision the future it holds.
“For more than 15 years, The Carlisle Naples has been one of the premier communities within our management portfolio, and we were excited at the opportunity to buy the property,” said Michael Grust, Senior Resource Group CEO and President. “This acquisition reinforces our ongoing commitment to delivering on a promise of operational excellence and enhanced resident experiences in an atmosphere that promotes wellbeing.”
Located in Naples, Florida, The Carlisle offers one- and two-bedroom residences in an environment that reflects SRG’s commitment to hospitality and exceptional care. The well-appointed development features an onsite restaurant, bar and lounge areas, a fitness center, theater, game room, library and business center, outdoor pool and spa, on-site salon and barber shop. Residents have the opportunity to engage with innovative health and wellbeing programs, along with onsite access to rehabilitative and preemptive wellness services as well as coordinated care options.
Residents at The Carlisle Naples further benefit from SRG’s dedication to exceptionally high standards of excellence as demonstrated by its commitment to accreditation. All eligible SRG communities including The Carlisle Naples have earned the highest level of accreditation from the Commission on Accreditation of Rehabilitation Facilities’ (CARF), an international, non-profit organization that accredits health and human service providers as part of its voluntary and rigorous process.

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