PHOENIX, AZ--(Marketwired - Feb 5, 2015) - Wood Partners, LLC, in partnership with American Realty Advisors, has acquired Pinnacle Towne Centre, an existing 350-unit multifamily community at 1601 E. Highland Avenue in Phoenix's Camelback East submarket, and plans to renovate the property into an upscale townhome community named Altera Highland.
"Built in 1998, Pinnacle Towne Centre offers Wood Partners the opportunity to upgrade a very well-located but under-optimized asset to an A-quality level and capture a meaningful portion of the spread between its current rents and those of its newer competition," said Jane Maushardt, senior vice president of acquisitions for Wood Partners. "Altera Highland will be unique in its submarket, a winning combination for renters when compared with the newer, more costly 'urban-style' product nearby. "
Tyler Anderson of CBRE Group represented the seller, a REIT controlled by Essex Property Trust.
Altera Highland, consisting largely of townhomes with direct access garages, will include upscale, larger-than-average units in a low-density, resort-style setting that will include a luxury clubhouse, two resort-style pools with spas and a fitness center. Altera Highland's central location will give residents immediate access to employment centers and retail, including The Shops at Town and Country and the Camelback Colonnade, as well the Biltmore Fashion Park, one of metro Phoenix's premiere retail venues.
Altera Highlands is part of Wood Partners' strategy of acquiring and renovating well-located assets in growing markets.
"We hope the addition of Altera Highlands sets the stage for several planned acquisitions for Wood Partners in 2015, as we continue to identify compelling acquisition opportunities in our home markets," Maushardt said.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 53,000 homes with a combined value of more than $8.3 billion nationwide. The company currently owns more than 75 properties with a combined total of 21,000+ units. Wood Partners has offices in 18 major markets nationwide including Atlanta, Austin, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Chicago, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website, www.woodpartners.com and follow our social media accounts, Twitter, Facebook, LinkedIn and Apartment Life Blog.