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Wood Partners Plans Revamp for Camelback East Multifamily

Wood Partners Plans Revamp for Camelback East Multifamily

Wood Partners and American Realty Advisors acquired the 350-unit Pinnacle Towne Centre in the Camelback East submarket from Essex Property Trust, with plans to renovate it into an upscale townhome property and rename it Altera Highland. According to Wood Partners SVP of acquisitions Jane Maushardt, the vintage 1998 property is a “well-located but under-optimized asset.” The upgrades will “capture a meaningful portion of the spread between its current rents and those of its newer competition,” she says. CBRE’s Tyler Anderson repped the seller in the deal.