Ascentris Commits to Another Condominium Development in North Scottsdale, Arizona
Denver, CO (December 15, 2018) – Ascentris, a Denver-based real estate private equity firm, on behalf of one of its public retirement system clients, announced today its commitment to develop a third luxury residential development in Scottsdale, Arizona.
Ascentris and its development partner, Optima, broke ground on 7180 Optima Kierland, a 12-story, 202-unit luxury condominium tower located at the corner of North Scottsdale Road and Kierland Boulevard, with an expected delivery date of 1Q-2021.
7180 Optima Kierland represents the partnership’s third residential development together at this location. In December 2015, Optima closed on the 9-acre site, located adjacent to the popular Kierland Commons and Scottsdale Quarter shopping centers, and the partnership immediately began developing two luxury residential properties. 7160 Optima Kierland, a 150-unit apartment property, delivered in May 2017 and reached stabilization in August 2017. 7120 Optima Kierland, a 220-unit condominium property, delivered in June 2018 and has just five units remaining for sale. 7180 Optima Kierland already has 40 units under reservation.
Consistent with 7120 Optima Kierland, the new condominium tower will feature a best in class amenity package, including a full-service fitness center, rooftop pool, sauna, basketball court, squash, court, golf simulator, yoga room, and media center. The rooftop pool will feature elevated, negative-edge decks that eliminate the need for railings and allows for some of the best unobstructed, 360-degree views in all of Phoenix. In addition to the upscale amenities and interior finishes, the building will feature a glass facade and oversized balconies with hanging gardens that have become the standard for all Optima developments in Phoenix.
“Ascentris is extremely excited to expand its relationship with Optima,” said Ascentris Vice President Jeff Higgins. “Thanks to Optima’s vision and end-product, which is nothing short of astounding, we have experienced tremendous demand for the first two properties we developed together. We are very much looking forward to delivering the third building in such a strong and sought-after location,” added Higgins.
Polaris Pacific is leading the marketing efforts for the sales. Bank of the Ozarks is the construction lender.