Ascentris Exits Luxury Apartment Property in Scottsdale, Arizona
Denver, CO (February 15, 2019) – Ascentris, a Denver-based real estate private equity firm, on behalf of one of its public retirement system clients, announced today that it exited its investment in Optima Kierland Apartments (“7160 Optima Kierland”) located in Scottsdale, Arizona. Optima, Ascentris’ development partner, recapitalized the investment with a global investment management firm and will continue to own and manage the property.
Ascentris and Optima delivered the 150-unit apartment building in May 2017. The property experienced unprecedented leasing demand, reaching 100% occupancy within just five months of delivery; since stabilizing, the property has maintained occupancy in excess of 95% at rental rates higher than any apartment building in the Phoenix metropolitan area.
7160 Optima Kierland was the first building of a four-phase residential development master-planned by Optima. The second building, 7120 Optima Kierland, is a 220-unit condominium property that the partnership delivered in June 2018 and is completely sold out. The third building, 7180 Optima Kierland, is a 202-unit for-sale condominium propery that the partnership started construction on at the end of 2018. Units at 7180 Optima Kierland are currently being marketed for sale, with over 20% already in contract or under reservation.
Each building at Optima Kierland features its own best in class amenity package, including a full-service fitness center, rooftop pool, sauna, basketball court, yoga room, and media center. The condominium buildings feature squash courts and golf simulators. The rooftop decks allow for some of the best unobstructed, panoramic views in all of Phoenix. In addition to the upscale amenities and interior finishes, the buildings feature a glass facade and oversized balconies with hanging gardens.
“Ascentris could not be more pleased with the outcome of the first two buildings of Optima Kierland and we look forward to continuing our partnership with Optima with the development of 7180 Optima Kierland,” said Ascentris Vice President Jeff Higgins.
Optima, Inc. is a privately-held real estate firm with offices in Illinois and Arizona. For more than 40 years, Optima has been developing, designing, building and managing striking urban and suburban luxury residential communities. From the beginning, Optima aimed to reinvent housing by integrating the functions involved in new construction within one company. Optima controls and executes every aspect of the process in-house – development, design, construction, sales and management – for a dynamic system that offers greater focus and fluidity. Optima is committed to delivering extraordinary living through design, innovation, sustainability and management. Learn more at www.optimaweb.com.