(Read more on the multifamily market.)

TEMPE, AZ-Joining forces for the second time in the Greater Phoenix metro, Boston Capital Real Estate Partners LLC and Atlanta-based Wood Partners LLC have broken ground on the 240-unit Alta Ravenwood Apartments. The $48-million project is slated for completion in November 2008.

Rich Mazzocchi, Boston Capital’s director of acquisitions, says the 26.5-acre site at Baseline and Kyrene roads offered an attractive location on several fronts, especially when it comes to market fundamentals. He points out that Tempe is home to regional headquarters of major employers like Texas Instruments Inc., Honeywell Inc. and GE Healthcare in addition to the continued growth of the Greater Phoenix region. He says Arizona State University’s campus also is a major growth driver in the city.

Alta Ravenwood Apartments will have 48 two-story buildings with a mix of two- and three-bedroom units. The average unit will be 1,389 sf. Projected rents are $1,250 to $1,750 per month. And the plan, Mazzocchi tells GlobeSt.com, is to sell it at completion along with a sister project, the 260-unit Alta Peoria Apartments situated at Loop 101 and Northern Avenue.

Mazzocchi says Boston Capital’s team continually is on the lookout for joint venture opportunities nationwide. In the metro, it also is joint venturing with Atlanta-based Trammell Crow Residential on a 492-unit Alexan development at the intersection of 99th Avenue and Van Buren Street in Tolleson. The project will break ground in spring 2008.

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