The Connor Group is the new owner of the 330-unit apartment community at 8688 E. Raintree Drive in Scottsdale, acquiring the high-end rental units for $141M. They changed the name of the community from Alta Raintree to The Aston Scottsdale. The Phoenix Business Journal says the buyers paid $428,787.88 per unit and took $120 million in new debt with Morgan Stanley Bank, according to Vizzda LLC real estate database.

The acquisition marks The Connor Group’s debut into the Phoenix market. It also is its third acquisition of 2023, marking its expansion into 18 markets.

Wood Partners finished building the apartments in November 2022. The property was 90% occupied at sale. The luxury community consists of one-bedroom units starting at $1,949, going up to three-bedroom units fetching nearly $4,000. Wood Partners has recently completed two other Phoenix-area properties with another on the way.