Ascentris and Optima Quickly Exceed Pre-Sale Requirement, Begin Vertical Construction of Kierland Condominiums

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Ascents and Optima have begun vertical construction on the 12-story, 220-unit luxury condominium tower in North Scottsdale.

The 220-unit luxury condominium tower in North Scottsdale will offer a full-service fitness center, rooftop pool, sauna, basketball courts and a media center.

Ascentris and its development partner, Optima, announced today that vertical construction commenced on its 12-story, 220-unit luxury condominium tower at the corner of North Scottsdale Road and Kierland Boulevard in North Scottsdale. Pre-sale marketing efforts began in April 2016 and, in August, the partnership successfully met its 35% pre-sale requirement in order to commence vertical construction. The condominium tower, which is 43% pre-sold as of December, is being developed by Ascentris and Optima in conjunction with an adjacent, 10-story, 150-unit for-rent apartment tower that will deliver in 2Q-2017. Collectively, the two towers represent the first of three phases in a master plan for the 9-acre site. Ascentris and Optima closed on the land, located adjacent to the popular Kierland Commons shopping center, in December 2015.

The condominium and apartment towers will each feature best in class amenity packages that include full-service fitness centers, rooftop pools, saunas, basketball courts, and media centers. The rooftop pools will feature elevated, negative-edge decks that eliminate the need for railings and allows for some of the best unobstructed, 360 degree views in North Scottsdale. In addition to the upscale amenities and interior finishes, the buildings will feature glass facades and oversized balconies with hanging gardens, similar to Optima’s Camelview Village and Sonoran Village projects located in Old Town Scottsdale.

“When considering this investment, we were really drawn to both the supply/demand fundamentals of the Scottsdale market and Optima’s proven ability to deliver exceptional product that provides such a unique living experience to its buyer,” said Ascentris Managing Director Otto Petty. “The ability to pre-sell 35% of the units in less than five months demonstrates how much pent up demand there is for condominiums in the Scottsdale market,” continued Petty.

Ascentris and Optima are scheduled to begin delivering condominium units in 1Q-2018 and are continuing their pre-sale efforts through completion. Polaris Pacific is leading the marketing efforts for the sales. Bank of the Ozarks is the lender on the condominium building.

About Ascentris
Ascentris is a real estate private equity company based in Denver, Colorado. Formerly known as Amstar Advisers, Ascentris invests in and manages commercial real estate in the United States on behalf of institutional clients. Since 2003, the Ascentris management team has focused exclusively on value-add and opportunistic investments across all the major property types and geographic regions in the United States. Ascentris is a privately held and employee owned SEC registered investment adviser. Additional information is available at http://www.ascentris.com.

About Optima
For more than three decades, Optima has been developing, designing and building some of the most striking urban and suburban luxury residential communities in the United States. With locations across Illinois and Arizona, Optima is committed to design, innovation and sustainability. For more information, visit http://www.optimaweb.com.

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Julie Dunn
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