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3/12/14
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Alta Park West, a 260-unit, 252.6k sf luxury apartment community in Peoria, AZ, was purchased by Greenwood Village, CO-based Baron Properties for $30.05 mil, or $115.5k/unit. Greenwood Village is a suburb located about 15 miles northwest of Phoenix.
Situated at 9680 West Northern Ave in Peoria, Alta Park West is located at the northwestern corner of Loop 101 and Northern Ave with approximately 1,200 linear feet of drive-by visibility from an estimated 108,000 daily freeway commuters. The location provides immediate access to Westgate Entertainment District, a landmark destination encompassing approximately 8 msf of shopping, dining, and entertainment. The property is near a number of prominent employers, including a heavy concentration within the healthcare sector such as Banner Estrella Medical Center, Banner Thunderbird Medical Center, Arrowhead Hospital and the currently under development St. Joseph’s Westgate Medical Center, a 35-acre medical campus. Other notable employers include Luke Air Force Base and Honeywell International Inc.
Each Alta Park West apartment home features nine-foot ceilings, a fully equipped designer kitchen, full-size washers and dryers, walk-in closets, raised-panel doors, ample storage space and linen closets. Select apartment interiors have ceiling fans, kitchen islands, built-in computer niches, loft-style bedrooms and a private patio or balcony.
Community amenities include a resort-style heated swimming pool with spa, a state-of-the-art leasing office, a 24-hour fitness center, a clubhouse with resident lounge and Wi-Fi capabilities, a coffee bar, a fully appointed business center, a courtyard space with a playground and barbecue grills, controlled access gated entry with secured building access and 37 detached garages with automatic door openers.
Institutional Property Advisors senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, a venture formed by Wood Partners, one of the nation’s largest multifamily developers, and Boston Capital Real Estate Partners of Boston, MA.
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