After recently selling a Scottsdale property for $96.2 million, Wood Partners has opened Alta North Central, a 229-unit luxury community in Phoenix, Ariz. Comerica Bank provided $33.2 million to finance the construction of the development. The four-year term loan is set to mature in June 2022, according to Yardi Matrix.
Alta North Central occupies 3.6 acres at 777 East Stella Lane, around 7 miles from downtown Phoenix and within 9 miles of the city’s international airport. The transit-oriented property is situated near bus line 7 on North Seventh Street, which also provides access to several eateries and shopping options. The community is conveniently located near Grand Canyon University and Arizona State University.
The newly completed community comprises a mix of one- and two-bedroom floor plans and three-bedroom penthouses, averaging 971 square feet. The units feature washers and dryers, above standard ceiling heights and digital locks. Property amenities include a fitness center, business center, clubhouse, swimming pool, spa and covered parking spaces.