Alta Drinkwater in downtown Scottsdale sold for $96.15M
Independent Newsmedia
Posted 12/25/19
CBRE arranged the sale of the 277-unit multifamily community Alta Drinkwater on behalf of Wood Partners to Starwood Real Estate Income Trust, Inc. for $96.15 million.
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Alta Drinkwater in downtown Scottsdale sold for $96.15M
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Alta Drinkwater 3234 N. Scottsdale Road Scottsdale, AZ
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Independent Newsmedia
CBRE arranged the sale of the 277-unit multifamily community Alta Drinkwater on behalf of Wood Partners to Starwood Real Estate Income Trust, Inc. for $96.15 million.
Starwood Real Estate Income Trust, Inc. is a nontraded real estate investment trust which Starwood Capital Group manages. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the sellers, Wood Partners.
Built in 2019 in downtown Scottsdale, Alta Drinkwater features a swimming pool with poolside kitchen and dining area, a large roof-top lounge, fitness center, resident clubhouse, outdoor courtyard with gas grills and games and secured garage parking, according to a press release.
Individual residences at Alta Drinkwater have condominium-quality finishes with nine-, 10- and 20-foot ceilings and gourmet kitchens featuring oversized quartz countertops, natural gas cooktops and energy-efficient stainless-steel appliances.
“Alta Drinkwater’s market-leading amenities, Class A finishes and iconic visibility on Scottsdale Road created a unique core offering that attracted significant interest from some of the top buyers in the country,” Mr. Gunter said in a prepared statement.
“Downtown Scottsdale is one of the top performing Class A submarkets in the Western United States.”
According to CBRE Research, year-over-year multifamily rent growth in Phoenix increased 8.2% in the third quarter of 2019 while rent growth in downtown Scottsdale increased 7.6% during the same time, a release claims.
“Alta Drinkwater is a tremendous fit for SREIT and follows our thesis of investing in targeted growth markets. This is a best-in-class physical asset, in a highly-desirable location, with close proximity to major employment centers and numerous amenities,” David Baker, senior vice president of acquisitions at Starwood Capital Group, said in a prepared statements.
“We believe this is a good risk-adjusted acquisition in a Downtown Scottsdale submarket that has some of the best supply-demand fundamentals in the United States.”
