A joint venture of CP Capital, a highly disciplined U.S. real estate manager specializing in multifamily investments, and Wood Partners (“Wood”), a leading, fully integrated real estate company with expertise in development, construction, and property management, today announced they will be developing ‘Alta 99th’ – a 402-unit multifamily development project in Phoenix, Arizona.
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 brand new Loop 202, providing quick access to Metro Phoenix’s East Valley, a burgeoning tech hub for the metropolitan area.
Construction on the project is expected to begin in late March 2022, with completion slated for January 2024.
“Phoenix has maintained both a robust economy and positive apartment fundamentals in recent years, as the city benefits from steady in-migration resulting in above average job and population growth,” said Paul Doocy, Co-Head of CP Capital. “We are proud to continue our longstanding partnership with Wood Partners to deliver Alta 99th in this suburban submarket and continue to generate strong returns for our investors.”
Alta 99th will feature Class-A unit interior finishes such as stainless steel appliances, stone-surface countertops, and vinyl wood flooring. Community amenities will include a fitness center, resort-style swimming pool, dog park, detached garages, and surface parking spots.
The development will also benefit from its proximity to numerous retail and employment nodes – situated less than five minutes from the Westgate Entertainment District, home to over eight million square feet of retail space and restaurants, as well as premier entertainment venues like the Gila River Arena and the Desert Diamond Casino. The project is also near four top hospitals and a large and expanding logistics and industrial market.
“We are thrilled to continue developing multifamily spaces in the rapidly growing Phoenix area, and could not ask for a better partner in CP Capital,” said Todd Taylor, Wood Partners Managing Director, Phoenix. “We plan to implement our I-Smart solution in the development – a Class-A product with design features that allow for a more efficient building. Additionally, the size of this site will allow for a unique low-density community, complete with multiple outdoor amenity engagement areas, which is rare for Phoenix.”
CP Capital, formerly known as HQ Capital Real Estate, has partnered with Wood Partners on 21 development projects in the past, most recently Alta Gateway in Tampa, Florida.