The project, Alta 99th, plans to bring 402 units of multifamily space to a highly trafficked area, according to a news release.
Alta 99th sits in the West Valley submarket of Phoenix – offering high levels of accessibility and visibility due to its proximity to Loop 101, which has significant drive by traffic of over 135,000 vehicles per day. The sprawling site is also positioned near the new Loop 202.
Construction on the project is expected to begin in late March 2022, with completion slated for January 2024.
The development’s partners bring different expertise to the deal. CP Capital (formerly known as HQ Capital Real Estate) is a real estate manager specializing in multifamily investments, while Wood Partners is a fully integrated real estate company with expertise in development, construction, and property management.