CBRE Completes Sale of 350-Unit Class A Multifamily Community in Phoenix

CBRE arranged the sale of a 350-unit Class A multifamily community located at 1602 E. Highland Avenue in Phoenix, Arizona. Tyler AndersonSean CunninghamAsher 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.