Old Town apartments sell for $96 million

Alta Drinkwater apartment complex. / Zillow

By Mike Sunnucks | Rose Law Group Reporter

An Old Town Scottsdale apartment complex has been sold for $96.15 million.

Wood Partners has sold the 277-unit Alta Drinkwater apartment complex in downtown Scottsdale to Starwood Capital Group.

CBRE brokers Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch helped broker the deal representing Wood Partners.

The Alta Drinkwater complex was built earlier this year.

Rents have been increasing in metro Phoenix and Scottsdale.

Apartments rents were up 8.2 percent in metro Phoenix in third quarter compared to a year ago. They increased 7.6 percent in Scottsdale, according to CBRE Research.

“Alta Drinkwater’s market-leading amenities, Class A finishes and iconic visibility on Scottsdale Road created a unique core offering that attracted significant interest from some of the top buyers in the country,” said Gunter. “Downtown Scottsdale is one of the top performing Class A submarkets in the Western United States.”

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December 2019