CP Capital US announces “Alta 99th” in Phoenix, Az. with Wood Partners
A joint venture of CP Capital, a highly disciplined U.S. real estate manager specializing in multi-family investments, and Wood Partners (“Wood”), a leading fully integrated real estate firm with expertise in the development, construction and management of real estate, have announced today that they will be developing “Alta 99th” – a 402-unit multi-family development project in Phoenix, Arizona.
Alta 99th is in the West Valley submarket of Phoenix – offering high levels of accessibility and visibility due to its proximity to the 101 Loop, which has heavy traffic of over 135,000 vehicles per day. The sprawling site is also positioned near the all-new 202 loop, providing quick access to Metro Phoenix’s East Valley, a burgeoning technology hub for the metro area.
The construction of the project is expected to start at the end of March 2022 and be completed in January 2024.
“Phoenix has maintained both a robust economy and positive apartment fundamentals in recent years as the city benefits from steady immigration leading to above-average employment and population growth,” said Paul Doocy, co-director 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 countertops and vinyl flooring. Community facilities will include a fitness center, resort-style pool, dog park, detached garages and surface parking.
The development will also benefit from its proximity to numerous retail and employment nodes – located less than five minutes from the Westgate Entertainment District, home to more than 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 close to four major hospitals and a large and growing logistics and industrial market.
“We are excited to continue to develop multi-family spaces in the rapidly growing Phoenix area, and we couldn’t ask for a better partner in CP Capital,” said Todd Taylor, managing director of Wood Partners, Phoenix. “We plan to implement our I-Smart solution in 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, 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.
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