Atlanta Firm Prepping Four Multifamily Projects for Phoenix

Article originally posted on Phoenix Business Journal on September 10, 2019
Alta San Marcos, a 273-unit apartment community in Chandler, sold for $71.75 million.

Alta San Marcos, a 273-unit apartment community in Chandler, sold for $71.75 million.

Wood Partners — which just sold the Alta San Marcos apartment community it built in Chandler for $71.75 million — already has more than 500 units under construction and another four projects in the pipeline for metro Phoenix.

The Atlanta-based multifamily investment firm is building the Alta Warehouse, a 300-unit apartment community at the northeast corner of Seventh Avenue and Lincoln Street in Phoenix’s Warehouse District. That four-story structure is expected to open in late 2020, said Todd Taylor, managing director of Wood Partners.

Average monthly rents will be about $1,450.

Also under construction is the 229-unit Alta North Central near Seventh Street and Marlette Avenue in north central Phoenix.

“It was a fairly contentious zoning case that we eventually were fortunate enough to prevail on,” Taylor said. “We’re very excited about the prospects for that project. It’s a unique area. We can’t wait to open the doors on that project.”

It is on track to open in December, he said, with average monthly rents ranging from more than $1,600 for a one-bedroom to more than $2,700 for a three-bedroom unit.

Find the Complete Article Here: https://www.bizjournals.com/phoenix/news/2019/09/10/atlanta-firm-prepping-four-multifamily-projects.html

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