The future of Veritas has been a frequent topic of conversation for years in my McCormick Ranch neighborhood. Now, we have some news.
MidFirst Bank sold the 36-unit Veritas at McCormick Ranch multifamily complex in Scottsdale, AZ to Lexin Capital for $8.1 million, or approximately $225,000 per unit.
The original developers fell prey to terrible timing… they started the project way too late, missed the real estate bubble and caught the real estate bust big time.
The buildings were completed in 2008 but have never been occupied.
ADDED January 2012: I’ve been getting calls from people thinking the homes at Veritas are selling for $225,000. That was the average unit wholesale price the current owners paid for the unfinished units.
As of January 2012, the finished homes are listed for sale in the MLS from $419,900 (1,518 SF) to $499,900 (2,066 SF).
I do not represent the seller, however, I could represent a buyer since the homes are listed for sale in our MLS.