Brixton Capital Acquires 300-Unit Apartment Community in Downtown Phoenix
BRIXTON CAPITAL ACQUIRES 300-UNIT APARTMENT COMMUNITY IN DOWNTOWN PHOENIX
With Alta Warehouse District Purchase Brixton Capital Enters Valley of the Sun’s Burgeoning Downtown Multifamily Market
Brixton Capital (Brixton), a privately held real estate investment company, successfully acquired Alta Warehouse District, a Class A, 300-unit apartment community in Downtown Phoenix’s rapidly expanding Warehouse District. Completed in 2023, and developed by Atlanta-based Wood Partners, Alta Warehouse is Brixton’s first multifamily acquisition in the Phoenix MSA.
The property, located at 402 W. Lincoln St., offers residents extensive amenities and premium interior finishes while distinguishing itself as a cost-effective option for renters in the submarket.
“Alta Warehouse District was exceptionally built by Wood Partners, and their on-site property management team played a vital role in achieving a robust, 95% lease up,” said Brixton Capital Director of Acquisitions Mark Mandala. “Our acquisition of Alta Warehouse at a favorable price below today’s replacement cost is particularly advantageous for our investment partners. We extend our gratitude to Asher Gunter and Austin Groen of CBRE for their invaluable assistance in facilitating our market entry.”
The property is comprised of three, four-story, elevator-served apartment buildings of one-, two- and three-bedroom units averaging 941 square feet per unit. Onsite amenities include a ground floor bodega for residents, resort-style pool with designated grill areas, fitness center, yoga studio, off-leash dog park, entertainment-style clubroom and an upscale speakeasy lounge with a music room. Residents also have access to a rooftop sky deck, complimentary cold brew and cybercafé, conference space and private work from home offices.
“Alta Warehouse District is a refreshing, amenity-rich escape optimally set in the heart of Downtown Phoenix’s revived Warehouse District neighborhood,” said Brixton Capital President Mark Selman. “Booming with adaptive re-use projects transforming aging warehouses into creative campuses, the area is evolving into a tech-employment hub offering direct access to entertainment and dining destinations.”
Situated in the heart of Phoenix’s Central Corridor, the property offers its residents convenient access to Downtown and Midtown Phoenix. This prime location means immediate access to the city’s central employment hub, boasting over 138,000 jobs, including those within seven hospitals. Over time, the Central Corridor has seen significant expansion, welcoming prestigious universities, medical campuses and innovative technology companies. Living at Alta Warehouse District places residents within a mile’s proximity to the city’s urban core, putting within reach iconic venues such as the Arizona Diamondbacks Chase Field, Phoenix Suns and Mercury’s Footprint Center, Phoenix Convention Center, Arizona Science Center, Symphony Hall, Arizona State University Downtown Phoenix and The University of Arizona College of Medicine – Phoenix. Recent announcements by the Phoenix Suns and its team owner unveiled plans to construct a state-of-the-art, 123,000 square foot office headquarters within the Warehouse District, representing a significant investment of $100 million for the benefit of both the Suns and Mercury staff.
The area has also evolved into a captivating culinary hotspot, renowned for its diverse dining options along Central Avenue, 7th Avenue and 7th Street.
“Congratulations to the Brixton team on its first multifamily acquisition in the Phoenix market,” said Gunter, CBRE vice chairman. “Alta Warehouse is a strategic acquisition of a high-quality Class A property in one of the most dynamic submarkets in Phoenix. The professionals at Brixton were thorough in their submarket research and were outstanding to work with throughout the acquisition process. We look forward to helping Brixton continue its expansion in the market.”
Brixton will rebrand the property and complete minor capital enhancements. These enhancements include the installation of misting systems in the pool area, shading improvements to the open-air rooftop sky deck, the addition of covered seating and grilling stations, landscaping upgrades and the integration of exterior lighting.
The property will be managed by Scottsdale-based Mark-Taylor Residential, a strategic third-party property management company partner of Brixton.