Search
 

Midtown Multifamily Sells for $57M

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.

By Kristian Seemeyer | Updated on February 05, 2015

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. “

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.