CBRE arranged the sale of a 350-unit Class A multifamily community located at 1602 E. Highland Avenue in Phoenix, Arizona. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Atlanta, GA-based Wood Partners.
“Altera Highland has a desirable low-density site plan, which is difficult to replicate in urban areas of Phoenix today. A large percentage of townhome style floor plans, which are rare for Phoenix, provides Altera Highland a long-term competitive advantage,” said CBRE’s Gunter. “The recently completed interior and common area upgrades position Altera Highland to compete with new construction buildings in the highly desirable Camelback Corridor.”
Built in 1998, Altera Highland is a Class A multifamily community situated on 13.5 acres, featuring spacious one-, two- and three-bedroom floor plans with detached single or double garages. All 350 units were renovated in 2017, receiving upgraded vinyl wood-plank flooring, stainless steel appliances, quartz countertops and modern plumbing and lighting fixtures. Transformational common area upgrades recently completed at the property include a newly renovated clubhouse, state-of-the-art fitness center, and a resort-style pool and spa area featuring private cabanas, new furniture, an outdoor kitchen and an outdoor fireplace.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
