TEMPE, AZ-Business Real Estate Weekly of Arizona reports that Wood Partners is in the process of acquiring seven acres on which it will build a 296-unit apartment complex. The site in question is east of Arizona State University’s campus and south of the university’s Karsten Golf Course.
BREW says the Marietta, GA developer will pay approximately $7 million to seller St. Paul Fire and Marine Insurance Co. for the site, which is currently undergoing zoning. Wood Partners plans to launch construction on the project during Q4 of this year. The plan is to open the complex by Q3 2014.
Wood Partners is also planning construction on 218 units in Scottsdale, and already owns three multifamily properties in the Phoenix area, which total 737 units.
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