Denver, CO (September 10, 2021)
Optima, a Scottsdale- and Illinois-based real estate development firm, and Ascentris, a Denver-based real estate private equity firm, announced the sale of the final condominium unit at 7180 Optima Kierland (“Optima Kierland III”).
Optima Kierland III was the third phase of a five-phase residential development master-planned by Optima, consisting of three apartment towers and two condominium towers.
The first phase, 7160 Optima Kierland (“Optima Kierland I”), a 150-unit luxury apartment property, was developed by Optima and Ascentris in 2017 and later achieved the highest effective rents in the Phoenix metropolitan area in 2019.
The second phase, 7120 Optima Kierland (“Optima Kierland II”), a 220-unit luxury condominium tower, was delivered by Optima and Ascentris at the beginning of 2018. The building was 80% pre-sold prior to delivery and sold out in March 2019.
Optima Kierland III, a 205-unit luxury condominium tower, was delivered at the beginning of 2021. The building was 94% pre-sold prior to delivery and sold out in August 2021.
Optima Kierland represents luxury living in Scottsdale, with each building offering resort-style amenities including an indoor basketball court, squash court, fitness center and yoga room. Units feature high-end finishes, floor-to-ceiling windows and landscaped private terraces.
Rooftop Sky Decks include lap pools, outdoor running tracks, spas and panoramic views across Phoenix.
Optima and Ascentris began their partnership in 2015 and expanded it in 2020 with the development of Optima Lakeview, a 198-unit transit-oriented luxury apartment building in Chicago’s Lakeview neighborhood. The property is scheduled to deliver in the first quarter of 2022.
“We are very pleased with the response we’ve received at Optima Kierland both locally and across the country. We are looking forward to our continued partnership with Ascentris and are excited about our first Chicago project together at Optima Lakeview which will be delivered next spring,” said Optima President David Hovey Jr.
“The sellout of Optima Kierland III marks a successful conclusion to Ascentris’ investment in Optima Kierland,” said Ascentris Vice President Jeff Higgins. “Together, the partnership delivered a total of 575 residential units, transforming the Kierland submarket and satisfying previously unmet demand for high-rise luxury living in North Scottsdale.
“Ascentris is proud to have been a part of Optima Kierland. Optima is a world-class development company and what they delivered is nothing short of extraordinary. The success of Optima Kierland, from the highest rents in Phoenix to the near pre-delivery sellout of the condominiums, speaks to Optima’s ability to deliver a truly unique product. We look forward to continuing our relationship with Optima on future developments,” added Higgins.
About Ascentris
Ascentris is a real estate private equity firm based in Denver, Colorado. With over $2.2 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting both core and value-add investments across major property types and geographic regions within the United States.
Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that allows investors to access opportunities ahead of the market while receiving a high level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser committed to putting its investors’ needs first. Additional information is available at www.ascentris.com.
About Optima
Optima, Inc. is a privately held, design-driven real estate development firm with offices in Illinois and Arizona. For more than 40 years, Optima has developed, designed, built, marketed and managed distinctive urban and suburban luxury residential communities.
Optima integrates development, design, construction, sales and management within a single organization to streamline the entire building process. The firm focuses on delivering exceptional living environments through design, innovation and sustainability.
Optima has developed more than 40 communities in Arizona and Illinois and has received more than 75 national awards. Learn more at Optima.Inc.
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