{"id":1004089521,"date":"2014-01-10T07:11:52","date_gmt":"2014-01-10T15:11:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004089521"},"modified":"2022-12-07T15:52:53","modified_gmt":"2022-12-07T23:52:53","slug":"wood-partners-to-break-ground-on-270-ksf-apartment-building-in-tempe-ariz","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wood-partners-to-break-ground-on-270-ksf-apartment-building-in-tempe-ariz\/","title":{"rendered":"Wood Partners to Break Ground on 270 KSF Apartment Building in Tempe, Ariz."},"content":{"rendered":"<p><em>By Dees Stribling, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Wood-Partners-Alta-Tempe-Rendering_smaller.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004089523\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/wood-partners-to-break-ground-on-270-ksf-apartment-building-in-tempe-ariz\/wood-partners-alta-tempe-rendering_smaller\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Wood-Partners-Alta-Tempe-Rendering_smaller.jpg\" data-orig-size=\"510,216\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Wood Partners &#8211; Alta Tempe Rendering_smaller\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Wood-Partners-Alta-Tempe-Rendering_smaller.jpg?w=510\" class=\"alignleft size-medium wp-image-1004089523\" alt=\"Wood Partners - Alta Tempe Rendering_smaller\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Wood-Partners-Alta-Tempe-Rendering_smaller.jpg\" width=\"300\" height=\"127\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Wood-Partners-Alta-Tempe-Rendering_smaller.jpg 510w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Wood-Partners-Alta-Tempe-Rendering_smaller.jpg?resize=300,127 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Wood Partners is preparing to break ground on Alta Tempe, a 296-unit apartment complex at University Dr. and Dorsey Ln. in Tempe. The property, which will be located on about seven acres, is slated for a mid-2015 completion; leasing will begin in the third quarter of this year.<\/p>\n<p>The property will include 180 one-bedroom units, 104 two-bedroom units, and 12 three-bedroom apartments averaging 892 square feet. Residents will have access to such amenities as a fitness center, resort-style pool, 8,000-square-foot clubhouse with a living wall system (vertical garden), and an observation deck with views of Camelback Mountain and all of northern Phoenix.<\/p>\n<p>Alta Tempe, designed by Womack + Hampton Architects, is also near the new Marina Heights, which will be the state\u2019s largest office park when it\u2019s completed in 2017. Marina Heights will include 2 million square feet of office space and 40,000 square feet of retail, and State Farm Insurance will locate one of its four nationwide operation centers there.<\/p>\n<p>According to investment specialist Marcus &amp; Millichap, metro Phoenix\u2019s employment growth is expected to outpace the national growth rate in 2014, supporting tighter apartment vacancies and a fifth consecutive year of rent growth. The company predicts that as employment grows by about 3 percent in the area this year (about 54,700 jobs), effective rents will go up 2.1 percent.<\/p>\n<p>The in-demand Tempe\/Arizona State University submarket in particular will tighten in 2014, with vacancies down to the low-4 percent range by the end of 2014, Marcus &amp; Millichap predicts. Marketwide, apartment vacancies in greater Phoenix are expected to drop to the mid-6 percent range by the end of this year.<\/p>\n<p>Wood Partners is no stranger to the Phoenix market. Its other properties there include Alta Park West, Alta Phoenix Lofts, Alta Ravenwood, and Pietra. Nationwide, the company currently owns 77 properties with a combined total of more than 20,000 units.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wood Partners is preparing to break ground on Alta Tempe, a 296-unit apartment complex at University Drive and Dorsey Lane in Tempe.<\/p>\n","protected":false},"author":1023,"featured_media":1004089523,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21742,15],"tags":[],"class_list":["post-1004089521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-latest","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Wood Partners to Break Ground on 270 KSF Apartment Building in Tempe, Ariz. - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/wood-partners-to-break-ground-on-270-ksf-apartment-building-in-tempe-ariz\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wood Partners to Break Ground on 270 KSF Apartment Building in Tempe, Ariz.\" \/>\n<meta property=\"og:description\" content=\"Wood Partners is preparing to break ground on Alta Tempe, a 296-unit apartment complex at University Drive and Dorsey Lane in Tempe.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/wood-partners-to-break-ground-on-270-ksf-apartment-building-in-tempe-ariz\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-01-10T15:11:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T23:52:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Wood-Partners-Alta-Tempe-Rendering_smaller.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"510\" \/>\n\t<meta property=\"og:image:height\" content=\"216\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dees Stribling\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wood-partners-to-break-ground-on-270-ksf-apartment-building-in-tempe-ariz\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wood-partners-to-break-ground-on-270-ksf-apartment-building-in-tempe-ariz\\\/\"},\"author\":{\"name\":\"Dees Stribling\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/dc1e9fa4ee0430d86f8e60cd697c953c\"},\"headline\":\"Wood Partners to Break Ground on 270 KSF Apartment Building in Tempe, Ariz.\",\"datePublished\":\"2014-01-10T15:11:52+00:00\",\"dateModified\":\"2022-12-07T23:52:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wood-partners-to-break-ground-on-270-ksf-apartment-building-in-tempe-ariz\\\/\"},\"wordCount\":316,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wood-partners-to-break-ground-on-270-ksf-apartment-building-in-tempe-ariz\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/01\\\/Wood-Partners-Alta-Tempe-Rendering_smaller.jpg\",\"articleSection\":[\"Development\",\"News\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wood-partners-to-break-ground-on-270-ksf-apartment-building-in-tempe-ariz\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wood-partners-to-break-ground-on-270-ksf-apartment-building-in-tempe-ariz\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wood-partners-to-break-ground-on-270-ksf-apartment-building-in-tempe-ariz\\\/\",\"name\":\"Wood Partners to Break Ground on 270 KSF Apartment Building in Tempe, Ariz. - 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