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.