Christiansen Ventures recently acquired Alta North Central, a 229-unit apartment complex in Phoenix, for $79 million. The purchase price equates to approximately $350,000 per unit.
The buyer secured financing through the assistance of a CBRE Debt & Structured Finance team led by Troy Tegeler and CJ Connolly. On the other side of the deal, CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller – an institutional fund manager.
According to Groen from CBRE: “Phoenix’s economic fundamentals are robust with strong job growth and low unemployment rates. The region is also seeing an increase in job opportunities due to large tech facilities currently under construction which will continue driving demand for housing.”
Built just last year in 2020, Alta North Central offers residents luxurious amenities such as a social lounge with a grand piano and demonstration kitchen perfect for entertaining guests. Other features include billiards tables multiple TV seating areas as well as a private resident bar. Additionally there is an athletic center on-site along with swimming pool access.
Research analyzed by CBRE shows that during the first half of 2024 alone metro Phoenix saw absorption totaling at 11-637 units making it one of top three U.S metros experiencing high levels of absorption.
In summary:
– Christiansen Ventures purchased Alta North Central apartments in Phoenix for $79 million or about $350k per unit.
– A team from CBRE helped secure financing for Christiansen Ventures while another team represented the seller – an institutional fund manager.
– According to research analyzed by CBRE , metro Phoenix has seen significant job growth leading to high demand for housing.
– Built last year (2020), this luxury apartment complex boasts impressive amenities including social lounges with grand pianos and demonstration kitchens perfecting entertaining spaces; athletic centers; swimming pools; among others.
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