Atlanta developer sells its newly built Scottsdale luxury apartments for $141.5 million
Jun 26, 2023, 4:05 AM
(W Scott Mitchell Rendering)
Atlanta-based Wood Partners has sold its Alta Raintree luxury apartment community for $141.5 million.
The Connor Group is the new owner of the 330-unit apartment community at 8688 E. Raintree Drive in Scottsdale, paying $428,787.88 per unit and taking $120 million in new debt with Morgan Stanley Bank, according to Tempe-based Vizzda LLC real estate database.
After finishing construction of the apartments on 5.57 acres in November 2022, Wood Partners closed on the transaction on June 14 when the property was 90% occupied, said Todd Taylor, managing director of Wood Partners.
This acquisition marks The Connor Group’s debut into the Phoenix market. It also is its third acquisition of 2023, marking its expansion into 18 markets.