Alta Rise, a 278-unit luxury apartment complex at McQueen and Elliot in Gilbert, has changed hands in a quiet big-money move. Wood Partners sold the community in an $81.6 million all-cash deal, one of the larger single-asset multifamily trades to hit the Southeast Valley this spring. The buyer traces back to global asset manager DWS Group, according to local reporting.
Sale details
The $81.6 million price tag, which pencils out to about $293,525 per apartment, was reported by the Phoenix Business Journal. That outlet also identified the purchaser as an entity tied to DWS Group. Those key details came via reporting on the transaction, while the broker materials that surfaced around the same time stayed quiet on any detailed operating or business plan for the new owner.
Property and brokerage background
In a May 28 announcement, Institutional Property Advisors, the Marcus & Millichap division that handled the sale, said it represented the seller, Wood Partners, and also procured the buyer. IPA describes Alta Rise as a four-building, 278-unit community completed in 2025, with amenities that lean heavily into lifestyle marketing, including a fourth-floor skydeck, a resident speakeasy, pickleball courts and a resort-style pool. The release credits Steve Gebing and Cliff David as the brokers on the deal…