PHOENIX—Wood Partners, LLC, in partnership with American Realty Advisors, has acquired Pinnacle Towne Centre, an existing 350-unit multifamily community at 1601 E. Highland Ave. in Phoenix's Camelback East submarket, and plans to renovate the property into an upscale townhome community named Altera Highland. The asset sold for $57 million.

“Built in 1998, Pinnacle Towne Centre offers Wood Partners the opportunity to upgrade a very well-located but under-optimized asset to an A-quality level and capture a meaningful portion of the spread between its current rents and those of its newer competition,” says Jane Maushardt, senior vice president of acquisitions for Wood Partners. “Altera Highland will be unique in its submarket, a winning combination for renters when compared with the newer, more costly 'urban-style' product nearby. “

Tyler Anderson of CBRE represented the seller, a REIT controlled by Essex Property Trust.