PHOENIX – (August 12, 2024) – CBRE negotiated the $79 million sale of Alta North Central, a 229-unit Class A multifamily community located in north central Phoenix.
CBRE's Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, an institutional fund manager. Troy Tegeler, CJ Connolly, and the CBRE Debt & Structured Finance team arranged financing for the buyer, Christiansen Ventures LLC.
“The Alta North Central transaction illustrates that there is strong investor appetite for well-located, Class A multifamily communities in Phoenix,” said CBRE’s Groen. “Economic fundamentals in Phoenix are strong with excellent job growth, a very low unemployment rate, and more jobs coming to the region with large tech facilities under construction that will continue to drive remarkable housing demand. Alta North Central is well-positioned to continue benefitting from the region’s strong underlying fundamentals.”
Built in 2020, Alta North Central features resort-inspired amenities, including a social lounge with a grand piano, epicurean demonstration kitchen, billiards table, multiple TV seating areas, and a private resident bar. Amenities also include an athletic center with spin and yoga rooms, a swimming pool, and a spa area with fire features and in-water seating. Unit interior finishes include crystal diamond white quartz countertops, custom linear tile backsplash, designer cabinetry, and stainless steel appliances.
“Alta North Central is an excellent fit for our investment criteria and the Phoenix market is demonstrating exceptional multifamily demand,” said Christiansen Ventures CEO Michael Christiansen. “We are diligently exploring additional investment opportunities in Phoenix as multifamily fundamentals continue to outperform peer markets.”
Phoenix has been one of the top-performing multifamily markets for absorption over the last six quarters. Through the first half of 2024, the metro Phoenix market recorded 11,637 units of absorption, the third-highest total of all U.S. metros, according to research analyzed by CBRE.