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Optima Sonoran Village Phases 1 and 2 Acquired For $200M

Optima Sonoran Village
Optima Sonoran Village

Optima Inc. has acquired the first two phases of Optima Sonoran Village through a new partnership with Des Moines, Iowa-based Principal Real Estate Investors. Optima was the original developer and one of the original owners of the 592-apartment property community.

The partnership acquired the Downtown Scottsdale apartments from an existing Optima-sponsored venture for $200M. Along with buying the first two phases, the partnership has plans to develop Phase 3 of Optima Sonoran Village, which will consist of another 176 units, Commercial Executive Magazine reports.

Residences at Optima Sonoran Village include studios and one-, two- and three-bedroom units. Common amenities include outdoor pools and spas, a dog park, walking paths and a 19K SF residents' club that includes a fitness center.

Illinois-based Optima has a considerable presence in metro Phoenix. In the 2000s, it devleoped the condo projects Optima Biltmore Towers and Optima Camelview Village. 

More recently, the company saw its first residents move into its latest condo development, at 7120 Optima Kierland in Scottsdale. Early last year, it completed 7160 Optima Kierland, a 150-unit apartment property.