Wood Partners has sold Alta Cooley Station, a 248-unit community in Gilbert, Ariz., to a California-based private investor for $80 million, or $322,581 per unit. Institutional Property Advisors represented the seller and procured the buyer.
In 2021, the developer took out a five-year, $29.5 million construction loan from Texas Capital Bank for this property, according to Yardi Matrix information, and started construction. Partners on the project included CCBG Architects, Design Environments as interior designer and civil engineer Wood Patel.
Completed earlier this year, the multifamily property is part of a 150-acre master-planned development dubbed Cooley Station. The community consists of three- and four-story buildings spread across 6 acres. Apartments have studio, one-, two- and three-bedroom layouts, ranging between 575 and 1,577 square feet. In-unit features include walk-in closets, stainless steel appliances, quartz countertops, washers, dryers and private balconies or patios in select units.
Common-area amenities include a clubhouse, fitness center with yoga studio, swimming pool with jacuzzi, business center, conference area and micro-offices. In addition, the property also comprises a coffee bar, a game room and more than 245 parking spaces.
Located at 2550 S. Recker Road, Alta Cooley Station is close to several dining and retail options, including Verde at Cooley Station, and 2 miles from Arizona State University Polytechnic campus. SanTan Village shopping mall is 2.2 miles away, while Phoenix-Mesa Gateway Airport is less than 3 miles east.
The IPA team that worked on behalf of the seller included Executive Managing Directors Steve Gebing and Cliff David. Earlier this year, the duo brokered the transaction of Aiya, a 360-unit multifamily property in Gilbert, Ariz.
Wood Partners’ luxury developments
Wood Partners kicked off 2023 with the completion of Alta 801, a 327-unit luxury community in Washington, D.C. In May, the company opened two 300-unit luxury Texas communities, Alta Berry Creek in Georgetown and Alta Blue Goose in Austin.
Also in May, the firm broke ground on Alta Fontana, a 344-unit project in Fontana, Calif. That community is expected to come online in the summer of 2025.
