Exclusive: StreetLights Sells Luxury Phoenix-Area Property
The buyer secured a $78.5 million acquisition loan.
CrossHarbor Capital Partners has acquired The Alyssa, a 335-unit luxury asset in Tempe, Ariz., from StreetLights Residential, according to Yardi Matrix data. Corten Real Estate provided a $78.5 million acquisition loan.
The community debuted in 2024, three years after the groundbreaking. StreetLights had obtained a $65.5 million construction loan from KeyBank in 2021, the data provider shows. Zions Bank acquired that debt in 2026.
Units average 881 square feet across floorplans that include studio and one- to three-bedroom layouts. Amenities comprise two swimming pools, a gym, coworking areas and a resident clubroom, among other features. Notably, the community hosts a preferred employer program, providing qualifying applicants several financial benefits, such as waived fees.
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Located on more than 5 acres at 98 S. River Drive, the property is at the southwest corner of the interchange between loops 101 and 202, south of Salt River. Tempe Marketplace, a 1.3 million-square-foot open-air retail center, is within walking distance.
Directly south is a 300-acre, light-industrial and office campus dubbed Smith Innovation Hub. CrossHarbor Capital Partners’ newly acquired property is one of the few communities in the immediate area. Another one is The Remy, a 266-unit property that changed hands in July, when ColRich Multifamily acquired it from Geringer Capital.
The Valley of the Sun’s multifamily transaction volume fell sharply to $1.3 billion during the first seven months of 2026, marking just half of the amount recorded during the same time frame of 2025, according to a Yardi Matrix report. The market’s pricing power persisted, with units changing hands on average for $264,952 in July, up 43 percent compared to the national average.
Investor, lender and developer
Since its inception, 32 years ago, CrossHarbor has built a $34 billion investment track record across more than 380 transactions, according to its website. The company is also an active lender, providing $80 million in construction debt two months ago for CEDARst Cos.’ 197-unit project in San Diego.
Additionally, CrossHarbor has partnered with several multifamily developers over the years. The company’s joint venture with Mill Creek Residential brought online the 400-unit Modera Riverview last year in Nashville, Tenn. Earlier this month, the duo refinanced the property with a $105 million loan from Helaba, Yardi Matrix reveals.
