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PHOENIX — A partnership between Wood Partners and American Realty Advisors has acquired the 350-unit Pinnacle Towne Centre apartments in Phoenix for an undisclosed sum. The community is located at 1601 E. Highland Ave.
The partnership plans to renovate the property into an upscale townhome community called Altera Highland.
Altera Highland will include a luxury clubhouse, a fitness center and two resort-style pools with spas. The community fits with Wood’s strategy of acquiring and renovating well-located assets in growing markets.
The seller, a REIT controlled by Essex Property Trust, was represented by Tyler Anderson of CBRE Group.