The luxury midrise community was completed this year
PHOENIX – October 12, 2023 – CBRE negotiated the $82 million sale of Alta Warehouse, a luxury 300-unit multifamily community in downtown Phoenix's warehouse district. CBRE's Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, Wood Partners.
The newly built community features one-, two- and three-bedroom units. The unit design combines modern and urban aesthetics, including quartz countertops, stainless steel appliances, wood-style flooring, custom cabinetry and designer lighting.
"Alta Warehouse is a strategic acquisition of a high-quality Class A property in one of the most dynamic submarkets in Phoenix," said Mr. Gunter, CBRE's vice chairman. "Investors, like Brixton, are still attracted to the strong demand drivers in Phoenix, and this transaction represents the region's resilient economic appeal."
The four-story community's amenities include a two-story clubhouse and game room, resident library and music room, fitness center, resort-inspired pool area and a rooftop entertainment space. The property is located in the growing warehouse district in Downtown Phoenix.
San Diego-based Brixton Capital purchased Alta Warehouse, the second multifamily community in Downtown Phoenix's rapidly expanding warehouse district. The area has propelled into an emerging technology and bioscience employment hub, in addition to the district's collection of restaurants, galleries and music venues.
Mark McGovern, Scott Peterson, Colby Matzke and Brian Cruz with CBRE Capital Markets' Debt and Structured Finance team secured a $47.25 million, fixed-rate loan on behalf of Brixton Capital.
Brixton Capital is a vertically integrated real estate investment firm with a diverse portfolio of, multifamily and retail, which includes over 10 million sq. ft. of real estate owned and managed across 140 properties in the U.S. and Europe.
Over the last two years, 1,612 units have been delivered in the downtown submarket. On average, 93% of the returned units are occupied. Metro Phoenix posted over 6,500 units of multifamily absorption through the first half of 2023, the top-performing absorption total of all U.S. metros year-to-date, according to research analyzed by CBRE.
Wood Partners is a national leader in the development, construction and management of multifamily communities across the country. In June, CBRE's multifamily team represented the company in selling the 330-unit The Aston Scottsdale in north Scottsdale.