Wood Partners Sells Luxury Community in Tempe

TEMPE, AZ – Wood Partners, a national leader in multifamily real estate development based out of Atlanta, Georgia, announced the sale of Alta Tempe, a 296-unit multifamily community in Tempe, Arizona. The community went on the market in August of this year and sold for $67.9 million.

Located 12 miles East of downtown Phoenix, Alta Tempe is situated in the growing Tempe community and offers easy access to the Phoenix airport and Central City. The complex is located at 1260 E University Drive at Dorsey Lane.

“The success of Alta Tempe is a testament to the continued strength of the real estate market in Arizona and the need for housing in easily accessible, transit-oriented locations,” said Todd Taylor, development director for Wood Partners in Arizona and Colorado. “Alta Tempe is an example of a unique and beautiful asset that has been highly popular due to its ideal location in the booming Phoenix suburbs and, at the time of sale, was nearly 96 percent leased.”

Wood Partners built the property in early 2015, with first move-ins in April 2015. The Class A complex features an 8,000 square-foot clubhouse with a vertical garden and observation deck, a resort-style pool with private cabanas, an outdoor fire pit, cyber café, and 24-hour fitness center. The units boast granite countertops, stainless steel appliances, high-tech NEST thermostats, and 10-foot ceilings in some homes.


Wood Partners Acquires Prime Midtown Miami Location

Miami — Wood Partners announced it has acquired the Midtown 8 development site for $25 million from Midtown Miami investor Alex Vadia.

Wood Partners filed plans earlier this year with the city of Miami for a 28-story, 387-unit building on the 2-acre site, which was owned at the time by Vadia’s Midtown Opportunities. As part of the deal, Midtown Opportunities will keep ownership of the ground floor retail space at the mixed-use project, according to a press release.

As planned, the building at 2901 and 2951 Northeast First Avenue would have the ground floor retail space and a total of close to 30,000 square feet of commercial space, an amenity deck above the attached 519-space garage, 27 bike parking spaces, and a clubhouse. Units will range from studios, one-bedrooms and two-bedrooms to three-bedroom penthouses with high ceilings.

The 390,000-square-foot development would back up to Florida East Coast Industries’ train tracks, so the developer proposed design “enhancements” on the ground level to activate what it describes as dark and unsafe space, Stantec architects previously told The Real Deal. Those include a landscaped linear park with a dog park, Citi Bike rack and an art wall, all open to the public.

Wood Partners plans to break ground on Midtown 8 early next year, Stantec said in July. Records show Midtown Opportunities Vib LLC paid nearly $6 million for the Midtown 8 land in 2011.

Wood Partners Makes Significant Community Impact

PHOENIX–(BUSINESS WIRE)–Alta Paradise Ridge, a 278-unit luxury community located between Phoenix and Scottsdale, hosted a unique animal-focused fundraiser last week benefitting the Maricopa County Animal Shelter.

The highly attended event was held at Wood Partners’ Alta Paradise Ridge clubhouse on Friday, December 2 where community members could interact with animals, donate pet supplies and learn about the shelter. The purpose of the event was to raise awareness for rescued and abandoned animals, and give residents and neighbors an opportunity to learn more about pet adoption.

“Alta Paradise Ridge is committed to making a positive impact in our community, and the incredible turnout demonstrates the love for pets and the desire to give back to the places where we live and work,” said Todd Taylor, development director for Wood Partners in Arizona and Nevada. “We are proud to have collaborated with so many great organizations to give these animals better lives.”

Alta Paradise Ridge is a unique and sophisticated community nestled in northern Phoenix. The property is pet friendly and includes a dog park and dog wash. The property opened in April 2016 and is currently leasing its loft-style 1-, 2- and 3-bedroom units.

The event included support, donations and raffle prizes from local organizations including Cox Communications, JB Graphics, Lunchbox Was Salon, Hyatt Gainey Ranch, Bentley’s Biscuits, Protein House, Tattle Tail Trinkets, Funny Bone Photography, Maintenance Supply Headquarters, Bourbon Jacks, BJ’s Restaurant and Brew House, and Elite Restaurant Group. The raffle raised nearly $2,000 for Maricopa County Animal Shelter.

Numerous community members completed adoption applications and several pets were adopted. Hundreds of dollars in pet toys, food and supplies were also donated to the Animal Shelter as part of the event.

At any given time, the Maricopa County Animal Shelter has hundreds of animals in search of loving homes. All donations go directly to the care of its animals in its shelters and its spay and neuter programs, vaccinations and microchip clinics. To learn more about the Maricopa County Animal Shelter, visit www.maricopa.gov/pets.