Recently Built Uptown Phoenix Community Changes Hands for $61M
- Jan 06, 2020
Wood Partners has sold Alta Central, a 223-unit mid-rise community in Phoenix, for $61.1 million. According to Yardi Matrix data, Weidner Apartment Homes purchased the building using a $39.7 million acquisition loan from MUFG Bank. Institutional Property Advisors assisted the seller and procured the buyer.
Located at 4001 N. Central Ave. on 2.6 acres, the property is 3 miles from Arizona State University’s downtown campus and 7 miles from Sky Harbor International Airport. St. Joseph’s Hospital and Medical Center is within 2 miles of the building. The surrounding area includes various employers, such as Dignity Health, U-Haul, Wells Fargo, Banner Health and CenturyLink.
Completed last year, the Class A property comprises studios and one-, two- and three-bedroom apartments. Common-area amenities include a clubhouse, a fitness center, clubhouse and 365 parking spaces. Per Yardi Matrix, the asset was 90.6 percent occupied as of November.
IPA’s team included Senior Managing Directors Steve Gebing and Cliff David. Last month, a different team from the same Marcus & Millichap division assisted the seller of a 92-unit community in Los Angeles. The asset was acquired by Raintree Partners for $34.5 million.