Optima Opens Luxury Rental Tower in Arizona
- Sep 30, 2020
Residential developer Optima has opened the second tower of its $500 million Optima Kierland Apartments project in Scottsdale, Ariz., bringing 213 new homes to the Phoenix suburb.
Built by a joint venture between Optima and Principal Real Estate Investors, the 12-story building, 7140 Optima Kierland, finished construction in June and is already 40 percent leased, a rate which the developer says is nearly double the norm for the rental market. The neighboring 7160 Optima Kierland was rapidly leased up after opening its doors in May 2017 and the 10-story, 150-unit building has maintained a 95 percent occupancy since then.
Located near the Scottsdale Airport in the north of the city, the new tower offers a mix of one-, two- and three-bedroom units along with penthouses ranging in size from 737 to 2,225 square feet. The upscale units come in two different finish packages and feature plank flooring, solar shades, outdoor terraces and floor-to-ceiling glass walls as well as smart home technology. Monthly rents start at $2,220.
Running track and cold plunge
Private amenities of the new tower include a rooftop Skydeck with a pool, spa, steam room and running track with views of the McDowell Mountains. The property is also equipped with a bar, lounge and kitchen, a fitness center, a business center, event and party spaces, a club with a theater and game room, an outdoor cold plunge pool and 5.5 acres of landscaped courtyards, among other features.
The community also comes with Optimized Service, Optima’s complimentary concierge program, which provides dry cleaning pickup and delivery, plant watering, package delivery to the home and other services. Immediate move-ins are now available to the property, which neighbors the Kierland Commons and Scottsdale Quarter outdoor shopping centers and the Westin Kierland Resort.
Principal Real Estate Investors, which manages or sub-advises about $82.9 billion in commercial real estate assets, is an arm of asset management firm Principal Global Investors. This past January, the company entered into a joint venture equity partnership with Marquette Cos. for the developer’s new luxury multifamily property in suburban Chicago.