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12/24/19
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Alta Drinkwater, a 277-unitmultifamily community in downtown Scottsdale, was acquired by Starwood Real Estate Income Trust Inc ("SREIT"), a nontraded REIT managed by Starwood Capital Group, for $96.15 mil ($347k/unit). The property, built in 2019, was sold by Wood Partners.
Alta Drinkwater features a resort-style swimming pool with poolside kitchen and dining area, a large roof-top lounge, state-of-the-art fitness center, designer resident clubhouse with a 13-foot television, outdoor courtyard with gas grills and games and secured garage parking. Individual residences at Alta Drinkwater have condominium-quality finishes with nine, ten, and 20-foot ceilings and gourmet kitchens featuring oversized quartz counter¬tops, natural gas cooktops and energy-efficient stainless-steel appliances.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented Wood Partners in the sale.
“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,” said Gunter. “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 8.0% in Q3 2019, the strongest growth of all metros in the United States, while rent growth in Downtown Scottsdale increased 7.6% during the same time.
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