Brixton Buys $82M Community in Downtown Phoenix

CBRE Capital Markets secured $47.3 million in acquisition financing.

Alta Warehouse is a 300-unit luxury community in downtown Phoenix.

Alta Warehouse was supposed to come online in the second quarter of 2020. Image courtesy of CBRE

Brixton Capital has purchased Alta Warehouse, a 300-unit luxury community in downtown Phoenix. Wood Partners sold the property for $82 million. CBRE represented the seller and secured a fixed-rate, $47.3 million loan for the buyer.

The developer broke ground on the 7.3-acre project in May 2019 and it was initially slated to open in the second quarter of 2020. However, the Class A community welcomed its first residents only in 2022 and came online this year.

Alta Warehouse comprises one-, two- and three-bedroom floorplans ranging from 606 to 1,782 square feet. Common-area amenities include a fitness center, clubhouse, business center, spa, game room and resident library, as well as two swimming pools.

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Located at 402 W. Lincoln St., Alta Warehouse is close to Phoenix Convention Center, a 900,000-square-foot mixed-use property featuring a host of dining and entertainment options. Arizona State University’s Downtown Phoenix campus, as well as the Chase Field stadium and the Footprint Center arena are within a 1-mile radius.

CBRE Vice Chairmen Asher Gunter, Matt Pesch and Sean Cunningham, together with Senior Associate Austin Groen, facilitated the transaction. In addition, Senior Vice President Mark McGovern, Vice Chairman Scott Peterson, Senior Analyst Colby Matzke and Vice President Brian Cruz with the firm’s Debt and Structured Finance team secured the loan for Brixton Capital.

Alta communities in metro Phoenix

Earlier this year, Wood Partners opened two other Alta-braded luxury communities in metro Phoenix: The 248-unit Alta Cooley Station in Gilbert and the 291-unit Alta Chandler in Chandler.

The firm had five multifamily developments under construction and three planned in the Phoenix market as of October, according to Yardi Matrix data. One of the projects, a 402-unit community taking shape close to Loop 101, is slated for completion by January.

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