Phoenix Community Sells for $52M
- Mar 27, 2019
FSC Realty has purchased Alta Midtown, a 225-unit property in midtown Phoenix, from Wood Partners for $52 million. The sale price equates to $231,111 per unit for the property, which was completed in 2017.
Also known as The Thomas Midtown, the property is located at 200 E. Thomas Road, north of the city’s downtown core. The transaction was brokered by Institutional Property Advisors (IPA), the multifamily brokerage division of Marcus & Millichap.
“Alta Midtown satisfies the demand of young urban professionals for highly amenitized transit-oriented apartment living close to unique neighborhood retail and dining,” commented Steve Gebing, IPA senior managing director in prepared remarks.
The two-building community is 97.8 percent occupied, according to Yardi Matrix data. Alta Midtown spans a total of 202,812 square feet, and average rent stands at $1,346 per unit. The apartments feature contemporary interiors with high ceilings, and amenities in the development include a rooftop lounge, beer garden, pool and spa.
The property is located a half-mile from the city’s light rail system, which provides access to downtown Phoenix as well as the cities of Tempe and Mesa.
Wood Partners’ Presence in Texas
Atlanta-based Wood Partners broke ground on Alta Med Main, a 338-unit multifamily community in Houston, this past January. The project is scheduled to open in the spring of 2020. Last week, the company announced the grand opening of another Texas multifamily development, the 324-unit Alta Trinity Green in Dallas.
FSC Realty, the buyer of the Phoenix project, is a privately owned real estate investment firm based in Beverly Hills, Calif. The company and its predecessors have been involved in over $3 billion in transactions, covering more than 42,000 apartment units as well as over 5.8 million square feet of commercial properties.
Image courtesy of IPA