$96M Sale of Alta Drinkwater Shatters Another Phoenix-Area Record

Starwood Income Real Estate Trust bought the 277-unit Alta Drinkwater apartment complex in Scottdale, AZ’s Old Town area. The sellers, Wood Partners and the Carlyle Group, walked away from the deal with $96.2 million, which established “the new high-water mark in what has been a burgeoning multifamily investment market in the Phoenix area,” according to Business Real Estate Weekly.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix brokered the sale. “It is a tremendous location,” Wood Partners’ Todd Taylor told BREW. “We think it was a good execution and the buyer will do very well with this investment.”

Alta Drinkwater delivered in 2018 and is at 3234 N. Scottsdale Rd. The complex offers one, two and three-bedroom floor plans, with amenities including a cybercafé, 24-hour package lockers, fitness center, a dog park, complete with dog run and wash, bike shop and storage and outdoor fire pit.

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