An undisclosed buyer recently paid $67.9 million for the 296-unit multi-family Alta Tempe apartment complex in Tempe, Arizona.
The complex, built by real estate firm Wood Partners in 2014, is approximately 12 miles east of downtown Phoenix. It had been on the market since November.
“The success of Alta Tempe is a testament to the continued strength of the real estate market in Arizona and the need for housing in easily accessible, transit-oriented locations,” Todd Taylor, development director for Wood Partners in Arizona and Colorado, said. “Alta Tempe is an example of a unique and beautiful asset that has been highly popular due to its ideal location in the booming Phoenix suburbs and, at the time of sale, was nearly 96 percent leased.”
The luxury apartment complex opened in April 2015, and features an 8,000-square-foot clubhouse with a vertical garden and observation deck, as well as a resort-style pool with private cabanas. The site also has a fire pit, internet cafe and 24-hour fitness center. Some of the residential units have granite countertops, stainless steel appliances, high-tech thermostats and high ceilings.
Wood Partners is one of America's largest companies that develop, build and manage high-density and mixed-use communities.