Wood Partners Begins Construction on Newest Scottsdale Community
- Aug 26, 2020
After having previous success in Scottsdale, Ariz., Wood Partners has begun construction on another multifamily community, Alta Raintree, in the city. The multifamily developer is scheduled to open its latest 385,000-square-foot project in the fall of 2021.
Alta Raintree will have 330 units in one-, two- and three-bedroom floorplans that average 960 square feet and are equipped with self-closing cabinetry, keyless entry and in-unit washer and dryers with some units offering double ovens. Tenants will also get access to a fitness center with yoga space and pool area, game room, speakeasy, rooftop deck and clubhouse.
Clay Richardson, managing director at Wood Partners, said in prepared remarks that Alta Raintree will appeal to those looking for a convenient location in Scottsdale that’s close to employers, retail, nightlife and outdoor activities.
Located at 8688 E. Raintree Drive, the community will have access to North Scottsdale’s employment base that has more than 86,000 jobs with major employers in the area like Nationwide, GoDaddy, Vanguard, JDA Software, Mayo Clinic, HonorHealth, Prudential, American Express and CVS Health. Alta Raintree will also be located near outdoor recreational areas like Camelback Mountain, McDowell Mountain Regional Park and local golf courses.
PREVIOUS SUCCESS IN ARIZONA
Prior to Alta Raintree, Wood Partners completed its Alta Drinkwater community in 2019 that was also located in Scottsdale. The developer sold the multifamily property for $96.2 million to Starwood Real Estate Income Trust in December of that year.
Elsewhere in the state, Wood Partners was also able to sell its 223-unit community in Phoenix to Weidner Apartment Homes in January. The developer completed the property in 2019 before selling it for $61.1 million.