Wood Partners sold the transit-oriented community to FSC Realty in a transaction brokered by Institutional Property Advisors.
FSC Realty has purchased Alta Midtown, a 225-unit property in midtown Phoenix, from Wood Partners for $52 million. The sale price equates to $231,111 per unit for the property, which was completed in 2017.
Also known as The Thomas Midtown, the property is located at 200 E. Thomas Road, north of the city’s downtown core. The transaction was brokered by Institutional Property Advisors (IPA), the multifamily brokerage division of Marcus & Millichap.
“Alta Midtown satisfies the demand of young urban professionals for highly amenitized transit-oriented apartment living close to unique neighborhood retail and dining,” commented Steve Gebing, IPA senior managing director in prepared remarks.