Eagle-based Alturas Capital has acquired the 90,000-square-foot Country Club Manor office complex in Phoenix, its second Phoenix acquisition after buying the 57,933-square-foot multi-tenant Siete Square office complex there in 2017.
These Phoenix properties are the only two investments outside the Pacific Northwest for Alturas Capital. The company has a goal of investing in commercial real estate in all seven of the Top 10 fastest-growing states in the West. Alturas is actively seeking investment opportunities in Utah, Nevada, Oregon and Colorado, Alturas told the Idaho Business Review in a statement.
Alturas is renaming Country Club Manor near Phoenix Country club as The Ashby on Osborn, the company reported in a release.
“This is a quality property with significant additional value to be created as we execute our strategy”, said Devin Morris, Alturas’ director of acquisitions. “The property is currently 66 percent leased and we are confident that as we make our planned improvements and implement our management culture the available space will fill quickly.”
Alturas has acquired 16 commercial real estate properties in Idaho, Washington and Arizona since September 2015.
Alturas Capital owns the Adelmann building in downtown Boise (the one with the turret on Capitol Boulevard), 1444 Entertainment across from Boise Spectrum, Treasure Valley Crossing and Eagle Marketplace, and structures in Twin Falls, Idaho Falls and, in Washington, in Puyallup and Wenatchee.
Alturas acquired the Phoenix property through its Alturas Real Estate Fund.