The Connor Group has made its debut into the Phoenix market with the acquisition of a 330-unit apartment community at 8688 E. Raintree Drive in Scottsdale for $141 million. The high-end rental units, formerly known as Alta Raintree, have been renamed The Aston Scottsdale and were built by Wood Partners in November 2022. According to Vizzda LLC real estate database, Morgan Stanley Bank provided $120 million in new debt for the purchase which equates to approximately $428,787 per unit.
At sale time occupancy was reported at 90%, with one bedroom units starting from $1,949 and three bedrooms fetching nearly four thousand dollars a month rent – making it one of their most expensive properties yet! This is also their third acquisition this year marking an expansion into 18 markets across America so far this year alone! Wood Partners has recently completed two other Phoenix area properties with another on its way soon too!
