(Read more on the multifamily market.)
TEMPE, AZ-Joining forces for the second time in the GreaterPhoenix metro, Boston Capital Real Estate Partners LLC andAtlanta-based Wood Partners LLC have broken ground on the 240-unitAlta Ravenwood Apartments. The $48-million project is slated forcompletion in November 2008.
Rich Mazzocchi, Boston Capital's director of acquisitions, saysthe 26.5-acre site at Baseline and Kyrene roads offered anattractive location on several fronts, especially when it comes tomarket fundamentals. He points out that Tempe is home to regionalheadquarters of major employers like Texas Instruments Inc.,Honeywell Inc. and GE Healthcare in addition to the continuedgrowth of the Greater Phoenix region. He says Arizona StateUniversity's campus also is a major growth driver in the city.
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