Christiansen Ventures acquired the 229-unit Alta North Central in Phoenix for $79 million, nearly $350,000 a unit.

A CBRE Debt & Structured Finance team of Troy Tegeler and CJ Connolly arranged financing for the buyer. CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, an institutional fund manager.

CBRE’s Groen added, “Economic fundamentals in Phoenix are strong with excellent job growth, a very low unemployment rate, and more jobs coming to the region with large tech facilities under construction that will continue to drive remarkable housing demand.”

Built in 2020, Alta North Central features amenities including a social lounge with a grand piano, epicurean demonstration kitchen, billiards table, multiple TV seating areas and a private resident bar. Amenities also include an athletic center and a swimming pool.

Through the first half of 2024, the metro Phoenix market recorded 11,637 units of absorption, the third-highest total of all U.S. metros, according to research analyzed by CBRE.