Optima and Ascentris Sellout Optima Kierland III Condominiums
Denver, CO (September 10, 2021) – Optima, a Scottsdale and Illinois based real estate development firm, and Ascentris, a Denver-based real estate private equity firm, announced today the sale of the final condominium unit at 7180 Optima Kierland (“Optima Kierland III”).
Optima Kierland III was the third phase of a five-phase residential development master-planned by Optima, consisting of three apartment towers and two condominium towers. The first phase, 7160 Optima Kierland (“Optima Kierland I”), a 150-unit luxury apartment property, was developed by Optima and Ascentris in 2017. The building later achieved the highest effective rents in the Phoenix metropolitan area in 2019. 7120 Opima Kierland (“Optima Kierland II”), a 220-unit luxury condominium tower, was delivered by Optima and Ascentris at the beginning of 2018; the building was 80% pre-sold prior to delivery and sold out in March 2019. Optima Kierland III, a 205-unit luxury condominium tower, was delivered by Optima and Ascentris at the beginning of 2021; the building was 94% pre-sold prior to delivery and sold out in August 2021.
Optima Kierland represents the epitome of luxury living in Scottsdale. Each building features state of the art, resort-style amenities, including, but not limited to, an indoor basketball court, squash court, fitness center, and yoga room. Units offer elegant finishes, floor-to-ceiling windows, and spacious private landscaped terraces. Rooftop Sky Decks feature lap pools, outdoor running tracks, spas, and some of the best unobstructed, 360-degree views in Phoenix.
Optima and Ascentris began its relationship in 2015 and recently expanded it in 2020 with the development of Optima Lakeview, a 198-unit, transit oriented, luxury apartment building in the Lakeview submarket of Chicago, Illinois. The property is scheduled to deliver 1Q-2022.
“We are very pleased with the response we’ve received at Optima Kierland both locally and across the country. We are looking forward to our continued partnership with Ascentris and are excited about our first Chicago project together at Optima Lakeview which will be delivered next spring” said Optima President, David Hovey Jr.
“The sellout of Optima Kierland III marks a successful conclusion to Ascentris’ investment in Optima Kierland. Together, the partnership delivered a total of 575 residential units, transforming the Kierland submarket and satisfying previously unmet demand for high-rise, luxury living in North Scottsdale,” said Ascentris vice president, Jeff Higgins. “Ascentris is proud to have been a part of Optima Kierland. Optima is a world class development company and what they delivered is nothing short of extraordinary. The success of Optima Kierland, from the highest rents in Phoenix to the near pre-delivery sellout of the condominiums, speaks to Optima’s ability to deliver a truly unique product. We look forward to continuing our relationship with Optima on future developments,” added Higgins.
Ascentris is a real estate private equity firm based in Denver, Colorado. With over $2.2 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting both core and value-add investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at www.ascentris.com.
Optima, Inc. is a privately held, design-driven real estate development firm with offices in Illinois and Arizona. For more than 40 years, Optima has been developing, designing, building, marketing 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. The result has been the creation of over 40 communities in Arizona and Illinois, along with being nationally recognized with over 75 prestigious awards. Learn more at Optima.Inc.