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CAPITAL MARKETS | INSTITUTIONAL GROUP
17950 N 68TH ST | PHOENIX, AZ 85054
A 204 UNIT LUXURY COMMUNITY
A Premier North Scottsdale Investment Offering
- Two Class A Multifamily Communities & A ±5.85 Acre Multifamily Development Site -
- Properties are Available as a portfolio or Individually -
18440 N 68TH ST | PHOENIX, AZ 85054
A 337 UNIT LUXURY COMMUNITY

NINETY DEGREES | BAROSSA PARADISE RIDGE | MULTIFAMILY DEVELOPMENT SITE
The Opportunity
CBRE is pleased to present the opportunity to acquire two
of the newest luxury multifamily communities and an adjacent
multifamily site in the prestigious North Scottsdale
submarket. Located within sight of the world-renowned
Mayo Clinic Hospital and an American Express campus, the
offering is central to the largest concentration of destination
retail, high-end dining, resorts and recreation in metro
Phoenix. The communities and land are available individually
or as a portfolio.
Ninety Degrees offers an upscale, California-contemporary
urban design unique to the Scottsdale market and Barossa
Paradise Ridge is a luxury, two- and three-story garden
community. Each community offers exceptional community
amenities and high-end interior finishes and is positioned
to benefit from the economic recovery in metro Phoenix.
The offering is available free and clear, enabling investors
to take advantage of today’s attractive interest rates.
Community Summaries
NINETY DEGREES
Ninety Degrees is a contemporary urban mid-rise community offering
residents sleek sophistication in a premier North Scottsdale
location. Completed in 2009, this 337-unit Class A community
includes a variety of spacious floors plans ranging from studios to
loft-style three-bedroom apartment homes. Individual residences
feature fully-appointed gourmet kitchens with granite countertops,
spiral staircases, two-story windows, full-size washers and dryers,
modern wood flooring, garden tubs and private verandas. Ninety
Degrees also offers stylish community amenities including a
resort-style swimming area, a designer two-story clubhouse with
java bar, detached garages, state-of-the-art fitness facility, WiFi
access in common areas and a fully-appointed business center.
BAROSSA PARADISE RIDGE
Barossa Paradise Ridge is a luxurious Class A community completed
in 2008. The community consists of 204 units ranging from
698 to 1,069 square feet. Individual residences feature fully appointed
gourmet kitchens with granite countertops and glass front
cabinetry, nine-foot ceilings, full-size washers and dryers, elegant
fixtures and lighting, modern wood flooring, garden tubs and private
patios/balconies with additional storage. Barossa Paradise
Ridge offers modern community amenities including a resort-style
swimming area, a designer clubhouse with fireside lounge and
kitchen, detached garages, a state-of-the-art fitness center, along
with a billiards table and WiFi access in common areas.
Ninety Degrees
MULTIFAMILY DEVELOPMENT SITE
Situated between the two properties on 68th Street is a ±5.85
acre multifamily development site. This site is fully entitled for up
to 641 units and zoned R-5 by the City of Phoenix.
Ninety Degrees

TWO CLASS A MULTIFAMILY COMMUNITIES & A FULLY ENTITLED MULTIFAMILY DEVELOPMENT SITE
The Offering
NINETY DEGREES
Price.......................................................Market Price
Address.....18440 N 68th St, Phoenix, AZ 85054
No. of Units.......................................................... 337
Year Built...........................................................2009
Avg Unit SF........................................................±759
Rentable SF.............................................. ±255,946
Avg Rent/Unit................................................ $1,337
Avg Rent/SF.....................................................$1.79
Acres/Density......................................±7.17 / 48.5
Terms...................................................................Cash
BAROSSA PARADISE RIDGE
Price.......................................................Market Price
Address..... 17950 N 68th St, Phoenix, AZ 85054
No. of Units.......................................................... 204
Year Built...........................................................2008
Avg Unit SF........................................................±865
Rentable SF...............................................±179,558
Avg Rent/Unit................................................ $1,375
Avg Rent/SF.....................................................$1.59
Acres/Density..................................... ±5.08 / 40.1
Terms...................................................................Cash
MULTIFAMILY DEVELOPMENT SITE
Address..... 18000 N 68th St, Phoenix, AZ 85054
Acres.........................................±5.85 / 254,828 SF
Zoning................................................................... R-5
No. of Units................................................ Up to 641
Subdivision................................Paradise Parcel 4E
Lot..............................................................................2
Use.....................................Vacant Residential Land
Parcel #.................................................. 215-04-466
MCR................................................................. 90935
Terms...................................................................Cash
Investment Highlights
WELL LOCATED CORE QUALITY COMMUNITIES – Developed in 2009 by award-winning
Gray Development Group, Ninety Degrees and Barossa Paradise Ridge are
two top-tier Class A communities located within the prestigious North Scottsdale
submarket. The communities are conveniently situated near the Loop 101 and
Scottsdale Road interchange, offering residents convenient access to North Scottsdale’s
employment, dining and shopping. State-of-the-art community amenities
include resort-style heated pools and spas, health club quality fitness facilities,
designer party/clubhouse facilities, terraces with outdoor fireplaces and grills, free
WiFi, covered and garage parking, mountain and desert views and controlled access
entry. Individual residences feature gourmet kitchens with granite countertops,
stainless steel and black-on-black appliances, modern wood flooring, decorative
lighting, nine- and ten-foot ceilings with fans, washers and dryers, private
verandas and gas fireplaces in select units.
AMENITY RICH AREA – The communities are centrally located to North Scottsdale’s
famous resorts, upscale shopping and fine dining which puts residents just
a short commute from some of the best destinations Arizona has to offer. Within a
three mile radius of the communites, residents enjoy convenient proximity to popular
entertainment venues such as The Scottsdale Fairmont Princess Resort, the
Westin Kierland Resort, the TPC Scottsdale golf course (home of The Waste Management
Phoenix Open), and the Grayhawk Golf Club (Golf Magazine – Top 100
You Can Play in the U.S.). Additionally, the McDowell Mountain Preserve is only a
few minutes drive from the community offering residents sprawling mountain views
and numerous hiking trails. For everyday necessities, residents are within walking
distance of 690,000 square feet of retail space, including Whole Foods, Lifetime
Fitness, PetSmart, Bed Bath & Beyond, Harkins Theatres, and Sports Authority.
Two miles to the south are Kierland Commons and Scottsdale Quarter, two upscale
retail centers that combine to provide over 700,000 square feet of high-end retail
and fine dining. Scottsdale Promenade (890,000 SF) is also less than a mile away
with Trader Joe’s, Nordstrom Rack, Michael’s and SteinMart.
CONVENIENT ACCESS TO MAJOR EMPLOYMENT CORRIDORS – Ninety Degrees
and Barossa are well-positioned in the heart of the North Scottsdale employment
corridor, home to several world headquarters and large employers. American Express (5,000 employees) and The Mayo Clinic Hospital
(3,700 employees) are located less than two miles to the west. The Mayo Clinic is under construction on a $130M expansion that will create
a single-site, integrated cancer center opening November 2016. Scottsdale Airpark, which is two miles to the southeast, has over 2,500
businesses and more than 50,000 employees, including such employers as Go Daddy Group Inc., Prudential, Vanguard, and JDA Software.
Major employers within two miles to the north of the communities include Henkel North America (600 employees), Discount Tire’s corporate
headquarters (250 employees) and the newer Scottsdale Healthcare Thompson Peak Hospital with 64-beds and surrounding office medical
employers. Other major employers and employment centers are the several world-class resorts and the nearby retail centers.
AFFLUENT DEMOGRAPHICS – Median household income within one mile of Ninety Degrees and Barossa is $68,241, 27% higher than the
Phoenix metro median. The communities are located in the Paradise Valley Unified School District, within the boundaries for Sandpiper Elementary,
Desert Shadows Middle School and Horizon High School. Education.com gives both Sandpiper and Desert Shadows Testing Rate
scores of 9 out of 10, while Horizon High School has received a score of 10 out of 10.
SUBMARKET FUELED BY STRONG FUNDAMENTALS – Metro Phoenix fundamentals are recovering with job growth averaging a 2.0% increase
or 48,300 new jobs over the last 12 months since April 2012. Fundamentals around Ninety Degrees and Barossa are improving even faster
as the North Scottsdale/Northeast Phoenix submarket is a high tourist area and the Leisure and Hospitality sector recorded the largest
employment gain. In addition, the Scottsdale Airpark office submarket has seen more than 830,000 square feet of vacant office space absorbed
since 2009. In the same time frame, office vacancy rates in the submarket have decreased by 7.5%. As the recovery continues and
the office vacancy rate continues trending down towards the long term average, multifamily fundamentals will surge as occupancy and rental
revenue will be driven higher by increased demand. The North Scottsdale submarket multifamily occupancy is 94.8%, 2% higher than the
Phoenix metro average. Source: Apartment Insights

NINETY DEGREES | BAROSSA PARADISE RIDGE | MULTIFAMILY DEVELOPMENT SITE
Investment Proforma - Ninety Degrees
Ninety Degrees Paradise Ridge
Phoenix, Arizona
Price: $58,000,000 Cap Rate: 5.21%
$/Unit: $172,107 Cash on Cash: 2.69%
$/Sq. Ft.: $227
INCOME SUMMARY
Unit Description Unit Count Percent Mix Sq. Ft. Total Sq. Ft. Rent/Unit Rent/Sq. Ft. Monthly Rent
Studio 80 24% 578 46,240 $1,062 $1.84 $84,930
1 bed / 1 bath 136 40% 713 94,216 1,245 1.80 169,260
2 bed / 1 bath 25 7% 711 17,626 1,242 1.76 31,050
2 bed / 2 bath 96 28% 1,014 97,864 1,723 1.69 165,375
Total/Avg. 337 100% 759 255,946 $1,337 $1.76 $450,615
* All square footages are approximate
CURRENT MARKET RENTS - ANNUALIZED $5,407,380
Gain/(Loss) to Lease (0.75%) (40,555)
GROSS POTENTIAL RENT 5,366,825
Vacancy Loss (5.0%) (268,341)
Concession Loss (13.5%) (724,521)
Other Rent Loss (1.0%) (53,668)
NET RENTAL INCOME $/Unit 4,320,294
Guest Income 103 34,828
Utility Reimbursement 354 119,293
Other Income 350 117,847
EFFECTIVE GROSS INCOME 13,627 4,592,262
EXPENSES $/Unit $/Year
Personnel 1,100 370,700
Administrative 175 58,975
Marketing & Retention 204 68,868
Repairs & Maintenance 249 83,864
Contract Services/Landscaping 172 58,067
Turnover 151 50,867
CONTROLLABLE EXPENSE SUBTOTAL 2,051 691,342
Utilities 743 250,530
Guest Expense 44 14,963
Management Fee (2.75% of EGI) 375 126,287
Insurance 135 45,495
OPERATING EXPENSE SUBTOTAL 3,349 1,128,617
Real Estate Taxes 1,104 372,066
Replacement Reserves 200 67,400
TOTAL OPERATING EXPENSES 4,653 1,568,083
NET OPERATING INCOME $8,974 $3,024,179

TWO CLASS A MULTIFAMILY COMMUNITIES & A MULTIFAMILY DEVELOPMENT SITE
Investment Proforma - Barossa Paradise Ridge
Barossa Paradise Ridge
Phoenix, Arizona
Price: $33,500,000 Cap Rate: 5.46%
$/Unit: $164,216 Cash on Cash: 2.81%
$/Sq. Ft.: $190
INCOME SUMMARY
Unit Description Unit Count Percent Mix Sq. Ft. Total Sq. Ft. Rent/Unit Rent/Sq. Ft. Monthly Rent
1 Bed / 1 Bath 60 29% 711 42,630 $1,180 $1.66 $70,790
2 Bed / 2 Bath 123 60% 932 111,477 1,426 1.57 175,427
3 Bed / 2 Bath 21 10% 1,069 22,449 1,630 1.52 34,229
Total/Avg. 204 100% 865 176,556 $1,375 $1.59 $280,446
* All square footages are approximate
CURRENT MARKET RENTS - ANNUALIZED $3,365,352
Gain/(Loss) to Lease (0.35%) (11,779)
GROSS POTENTIAL RENT 3,353,573
Vacancy Loss (5.0%) (167,679)
Concession Loss (13.8%) (461,116)
Other Rent Loss (1.0%) (33,536)
NET RENTAL INCOME $/Unit 2,691,243
Guest Income 35 7,206
Utility Reimbursement 413 84,194
Other Income 275 56,139
EFFECTIVE GROSS INCOME 13,916 2,838,782
EXPENSES $/Unit $/Year
Personnel 1,100 224,400
Administrative 250 51,000
Marketing & Retention 273 55,616
Repairs & Maintenance 361 73,645
Contract Services/Landscaping 150 30,589
Turnover 177 36,153
CONTROLLABLE EXPENSE SUBTOTAL 2,311 471,403
Utilities 839 171,181
Guest Expenses 13 2,645
Management Fee (2.75% of EGI) 383 78,067
Insurance 135 27,540
OPERATING EXPENSE SUBTOTAL 3,681 750,835
Real Estate Taxes 1,067 217,677
Replacement Reserves 200 40,800
TOTAL OPERATING EXPENSES 4,948 1,009,312
NET OPERATING INCOME $8,968 $1,829,470

MCDOWELL
MOUNTAIN
SONORAN
PRESERVE
MCDOWELL
MOUNTAIN RANCH
SINGLE-FAMILY HOMES
AVG PRICE: $538,825
TPC SCOTTSDALE
GOLF COURSE
HOME TO THE
WASTE MANAGEMENT
PHOENIX OPEN
SCOTTSDALE AIRPORT
& INDUSTRIAL PARK
26 MILLION SF RETAIL, OFFICE,
& LIGHT INDUSTRIAL 50,000 JOBS
THE PROMENADE
CLASS A OFFICE & RESTAURANTS
LOWE’S, TRADER JOE’S,
OFFICE MAX, OLD NAVY
900,000 SF RETAIL
SCOTTSDALE QUARTER
APPLE STORE, H&M, SEPHORA
290,000 SF RETAIL
KIERLAND COMMONS
CRATE & BARREL,
BARNES & NOBLE,
Z GALLERIE
450,000 SF RETAIL
WESTWORLD
FUTURE CADILLAC
DEALERSHIP (PCD)
STATE LAND
MIXED USE
FUTURE LEXUS
DEALERSHIP
MIXED USE
MASTER PLAN
SCOTTSDALE 101
HARKINS, CINE CAPRI, PETCO,
BED BATH & BEYOND,
SPORTS AUTHORITY, BABIES R US
542,000 SF RETAIL & RESTAURANTS
FAIRMONT
SCOTTSDALE
PRINCESS RESORT
SHOPS AT CHAUNCEY RANCH
WHOLE FOODS, PETSMART,
THE CONTAINER STORE
250,000 SF RETAIL
FRANK LLOYD WRIGHT BOULEVARD
SCOTTSDALE ROAD
NORTH SCOTTSDALE
CORPORATE CENTER
ALLIED WASTE & AXWAY
FUTURE MULTIFAMILY
DEVELOPMENT ±19.61 ACRES
PRUDENTIAL
1,100 EMPLOYEES
LIFETIME
FITNESS
STATE LAND
MIXED USE
±5.85 ACRE
DEVELOPMENT SITE
(FULLY ENTITLED)
TO MAYO CLINIC HOSPITAL
(3,700 EMPLOYEES)
& AMERICAN EXPRESS
(5,000 EMPLOYEES)
N
MAYO BOULEVARD
STATE LAND
MIXED USE
FOR MORE INFORMATION, PLEASE CONTACT:
TYLER ANDERSON | VICE CHAIRMAN
602.735.5557
tyler.anderson@cbre.com
SEAN CUNNINGHAM | VICE CHAIRMAN
602.735.1740
sean.cunningham@cbre.com
ASHER GUNTER | SENIOR ASSOCIATE
602.735.5542
asher.gunter@cbre.com
MATT PESCH | ASSOCIATE
602.735.5618
matt.pesch@cbre.com
CBRE
2415 E Camelback Rd | Phoenix, AZ 85016
602.735.5555
NINETY DEGREES
BAROSSA
PARADISE RIDGE
Properties are Available as a portfolio or Individually
These properties are located in a flood zone.
© 2013 CBRE, Inc. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its
accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be
evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. © CBRE, Printed in USA, 5/13, 2500/CP.