Source: ABI Multifamily
ABI Multifamily has announced the $6.08M closing of land for the future home of ALTA Warehouse, a planned multifamily development in Phoenix.
Located at 600 West Lincoln Street, the 7.33-acre site in a designated Opportunity Zone is one of the largest still vacant spaces in the highly revitalized Warehouse District of Downtown Phoenix. The ABI Multifamily Team of VPs Patrick Burch and John Klocek worked on behalf of the Buyer – Wood Partners, developers of the ALTA brand of luxury apartments.
The preliminary plan for the site consists of 300 units in three 3-4-story buildings. A clubhouse and other common amenities are currently planned, as are 55 tuck-under garages at the first floor level.
“This transaction is a great move for both Wood Partners and for the ongoing redevelopment and renovation of the downtown Warehouse District,” Burch said.
“The Warehouse District has become a central hub for technology and innovation companies in the Phoenix area, and one of the major drivers in Downtown’s emergence as a top draw,” Klocek added. “By bringing ALTA Warehouse into the mix, Wood Partners is enhancing the depth of the region’s attractiveness and contributing to its evolution toward a 24-hour area.”