Wood Partners has sold the Alta Rise multifamily community in Gilbert to DWS Group in an $81.6 million transaction. The acquisition price equates to $293,525.18 per unit, according to reporting from the Phoenix Business Journal. Wood Partners developed the property, which was completed and delivered to the market in 2025.
Investment advisors Steve Gebing and Cliff David of IPA represented Wood Partners in the sale and also sourced DWS Group as the buyer. The transaction marks a disposition of a recently delivered, amenity-rich asset and reflects continued investor interest in new-generation multifamily product in Gilbert.
Alta Rise is located on 9.44 acres at 80 N. McQueen Road. The four-story community includes a lounge and sky deck on the fourth floor, providing views of the southwest Valley. Shared amenities at the property also include a bodega and speakeasy, a pickleball court, pool and spa, a multipurpose field, a lawn programmed for yard games and a fire pit. The average unit size at the community is 867 square feet.
The sale of Alta Rise follows another recent disposition by Wood Partners in the region. In October 2025, the firm closed on the $71.3 million sale of Alta Biltmore to Millburn and Co., further extending its track record of trading recently developed multifamily assets.
The Phoenix Business Journal also reported on another significant multifamily trade involving some of the same market participants. Millburn, along with a group of investors, acquired Ascend at Longbow Highpoint in Mesa for $95.25 million. The 339-unit property was sold by D.R. Horton Inc., which built the community in 2024 on 13.36 acres at 2925 N. Recker Road.
Taken together, these transactions highlight ongoing capital flows among institutional buyers, merchant builders and private investment groups in the East Valley, involving newly built multifamily communities with extensive amenity packages and modern unit design.
