Starwood REIT Snaps Up New Phoenix-Area Community
- Dec 20, 2019
Starwood Real Estate Income Trust, a non-traded REIT managed by Starwood Capital Group, has acquired Alta Drinkwater, a new 277-unit Class A community in Scottsdale, Ariz. The 2019-built property traded for $96.2 million, or almost $350,000 per unit, with CBRE representing seller Wood Partners. The new owner has rebranded the property as The Griffin Apartments.
According to data provider Yardi Matrix, the acquisition was subject to a $64.7 million permanent Fannie Mae loan. This followed a 2017 construction loan in the amount of $43 million, which was held by PNC Bank. Yardi Matrix also shows that the property is stabilized, with the occupancy rate surpassing 90 percent as of November.
Located at 3234 N. Scottsdale Road, the single-building community encompasses one-, two- and three-bedroom units ranging from 814 to 1,411 square feet. The list of common-area amenities at the pet-friendly property includes a spa, a bike shop, a conference room, a pool, a 24-hour fitness room, a resident lounge and a sky deck, among others.
Situated close to Old Town Scottsdale, Fashion Square and the Entertainment District, the community provides easy access to a large selection of dining and entertainment options, as well as large employers. Downtown Phoenix is located roughly 12 miles to the west.
The CBRE Phoenix team working on behalf of Wood Partners included Vice Chairmen Tyler Anderson and Sean Cunningham, as well as Executive Vice Presidents Asher Gunter and Matt Pesch.
The sale of Griffin Apartments comes just days after another high-profile Scottsdale multifamily deal, Greystar’s $96 million purchase of a 412-unit asset from IMT Capital.