Pacific Development Partners has acquired Alta Camelback, a 237-unit Class A community in Phoenix, from Wood Partners for $63.8 million, according to Yardi Matrix. The buyer financed the deal with a $41.5 million loan from MetLife. The deal marks the seller’s second major transaction in the metro this month, following the nearly $72 million sale of the 273-unit Alta San Marcos.
Now rebranded as Vela on Camelback, the luxury property is located at 4949 N. Seventh St. in Uptown Phoenix, less than 5 miles north of downtown. A variety of retail centers are nearby, and two public bus routes connect the district with the wider metro. The area within a mile of the asset has seen a flurry of multifamily investment activity, with Yardi Matrix showing transactions totaling more than $210 million during the past 12 months.
Wood Partners delivered the property’s two buildings in November, following approximately two years of construction financed by a $31.7 million loan from Zions Bank. Last year, the developer opened a 223-unit luxury community less than 2 miles southwest of Vela.
Vela on Camelback has a mix of one- and two-bedroom apartments along with two- and three-bedroom townhouse units. Floorplans range from 686 to 1,652 square feet. Property amenities include a 24-hour fitness center, a dog park, conference space, an outdoor movie theater, a demonstration kitchen and covered parking spaces. In July, the community was 90.7 percent occupied.