CP Capital, Wood Partners Team Up in Phoenix
Construction is expected to start later this month and be completed by January 2024.
Alta 99th, a 402-unit Class A multifamily development, will be built by longtime joint venture partners CP Capital and Wood Partners in the West Valley submarket of Phoenix. Construction is expected to start later this month and be completed by January 2024.
The community will be close to Loop 101, which connects several suburbs on the northern of the Phoenix metro, and will also be near the new Loop 202, which provides quick access to the East Valley, a growing hub in the region. Alta 99th will be less than five minutes from the Westgate Entertainment District with more than 8 million square feet of retail space, restaurants and entertainment venues including the Gila River Arena and the Desert Diamond Casino. It will also be situated near four top hospitals and a large and expanding logistics and industrial market for more employment opportunities.
Interiors will feature stainless steel appliances, stone-surface countertops and vinyl wood flooring. Community amenities will include a fitness center, resort-style swimming pool, dog park, detached garages and surface parking spots.
Todd Taylor, Wood Partners managing partner, Phoenix, said in a prepared statement the developers plan to use what it calls its I-Smart solution—a Class A product with design features that allow for a more efficient building. He also noted the size of the site will allow for a low-density community with multiple outdoor engagement areas, which is rare in the Phoenix market.
Paul Doocy, co-head of CP Capital, said in prepared remarks Phoenix has benefited from steady in-migration in recent years, which has contributed to above average job and population growth, a robust economy and positive apartment fundamentals.
The two firms have partnered in the past on 21 multifamily developments, including Alta Gateway in Pinellas Park, Fla., a 288-unit property in the Tampa, Fla., market that opened in July 2020. The asset was sold in July 2021 for $78 million to Cortland, which rebranded it as Cortland Gateway.
Earlier this month, Wood Partners, a national multifamily development and management firm, celebrated the opening of another property in the Phoenix market. Alta Raintree is a 330-unit luxury community in the northern part of Scottsdale, Ariz., which had been under construction since 2020. Wood Partners, which currently owns more than 70 properties across the U.S., totaling more than 20,000 units, recently broke ground on two other projects. Alta Vale is a 306-unit community in Raleigh, N.C., and Alta Berry Creek is a 300-unit luxury development in Georgetown, Texas.
CP Capital, formerly known as HQ Capital Real Estate, is a U.S. real estate investment manager focused on the multifamily sector. In January, a joint venture of CP Capital US and Crescent Communities began development of Render Covington, a 315-unit multifamily community in Covington, Ga., within the greater Atlanta market.