Gilbert: $81.6 Million Cash Sale Sends Alta Rise Apartments to Global Investor DWS Group
Marcus Whitfield
A quiet eight-figure deal changes hands in North Gilbert
A 278-unit luxury apartment complex in Gilbert has sold for $81.6 million in an all-cash transaction that signals continued investor appetite for new multifamily stock in the Southeast Valley.
Wood Partners, the developer that built the property, sold Alta Rise to an entity tied to DWS Group, a global asset management firm, according to reporting from the Phoenix Business Journal and Connect CRE.
The deal closed in May and was announced by Institutional Property Advisors on May 28. Brokers Steve Gebing and Cliff David represented the seller and procured the buyer.
What the buyer got for nearly $300,000 per unit
The sale price works out to roughly $293,525 per apartment, according to Connect CRE. The property sits on 9.44 acres at 80 N. McQueen Road near the intersection of McQueen and Elliot Roads.
Alta Rise is a four-story community delivered in 2025. It features:
- A fourth-floor skydeck and lounge with views of the southwest Valley
- A resort-style pool and spa
- Pickleball courts
- A resident speakeasy and bodega
- A multipurpose field with yard games and a fire pit
- Private garages and quartz countertops in units
The average unit size is 867 square feet.
"One of only three mid-rise assets in North Gilbert, Alta Rise gives the buyer an opportunity to capture outsized long-term rental demand in a premier location," Institutional Property Advisors said in its announcement, according to Hoodline.
Why this trade matters for Gilbert
The sale is one of the larger single-asset multifamily transactions to hit the Southeast Valley this spring, according to Hoodline. It follows Wood Partners' $71.3 million sale of Alta Biltmore to Millburn and Co. in October 2025.
DWS Group has been active in U.S. multifamily projects across other markets, underscoring the firm's interest in newer apartment stock, according to coverage at REBusinessOnline.
For Gilbert renters, the transaction means a change in ownership for a significant block of Class A rental units. Whether the new landlord adjusts rents or rolls out capital improvements has not been disclosed.
The deal comes as Gilbert continues to add housing supply in a market where land is nearing buildout and investor demand for stabilized rental assets remains strong.