SOURCE: Wood Partners

Wood Partners

October 02, 2013 14:58 ET

Wood Partners to Break Ground on $38 Million 218-Unit Luxury Apartment Building in Scottsdale

190,000-Square-Foot Alta Scottsdale, a High-End Boutique Community, to Provide Lower-Cost Rentals One Mile From Downtown

SCOTTSDALE, AZ--(Marketwired - Oct 2, 2013) - Wood Partners will break ground in December on Alta Scottsdale, a $38 million luxury apartment complex with 218 units located one mile from downtown Scottsdale.

Construction of the 190,000-square-foot apartment building, situated on 6.5 acres, should be complete by summer 2015. It will open for pre-leasing in November 2014, with rents about 30 percent lower than high-end apartments downtown.

Two four-story Italianate buildings, designed by Womack and Hampton, will be built by WP South Builders. They will house 140 one-bedroom units, 76 two-bedroom units and two three-bedroom apartments with granite countertops, stainless steel appliances, vinyl plank flooring and many locally sourced materials. Residents of this boutique community will have access to a club room and bar area for events and cooking demonstrations, a fitness center and a Frank Lloyd Wright-inspired pool area. Tempered-air corridors will ensure that residents' front doors are not exposed to the elements. Guests will be greeted in a hospitality-style entrance lobby.

"Alta Scottsdale will provide an oasis from downtown Scottsdale," said Todd Taylor, associate director in the Phoenix office of Wood Partners. "The site is a comfortable distance away from the hectic activity of downtown but has better access to freeways and major employment centers."

Currently the site of an office building that will be demolished, Alta Scottsdale will have immediate access to Indian School Road, the primary feeder into downtown. Sky Harbor Airport is 15 minutes away; Scottsdale Air Park, the state's second-largest employer, is 10 minutes away; and downtown Phoenix is 20 minutes away. The site also offers easy access to the parks, trails and bike paths along the Scottsdale Greenbelt.

Wood Partners will operate as its own general contractor, providing supervision and contracting with qualified subcontractors to perform the work. The architect for the project is Womack and Hampton.

About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It was ranked the nation's No. 2 multifamily developer in 2012 based on 5,100 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 47,000 homes with a combined value of more than $7.0 billion nationwide. The company currently owns 77 properties with a combined total of 20,200+ units. Wood Partners has offices in 16 major markets nationwide including Atlanta, Baltimore, Delray Beach, Boston, Charlotte, Dallas, Denver, Houston, New York, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website