Wood Partners Opens Luxury Property in Phoenix

Rendering of Alta Central

Alta Central, a 223-unit community in Phoenix, has opened its doors to residents. Wood Partners completed the development, adding another property to its luxury Alta brand. The company benefited from a $28.7 million construction loan provided by Fifth Third Bank, according to data provider Yardi Matrix.

Alta Central is located at 4001 N. Central Ave., near Phoenix’s central business district. The community comprises two studios, 160 one-bedroom, 51 two-bedroom and 10 three-bedroom units, ranging from 488 to 1,478 square feet. Common-area amenities include indoor and outdoor recreation areas, a swimming pool, a rooftop pet area, a fitness center, fire pits and an outdoor game courtyard. The developers are also planning to add Amazon package lockers, electric car charging stations and Wi-Fi.

The community is located near multiple employment hubs, including health-care facilities and office buildings. According to Yardi Matrix, the median household income within a three-mile radius is more than $40,000. Wood Partners notes that more than 230,000 jobs are located near Alta Central, also within a three-mile radius.

Growing brand

Alta Central is the fifth development under the same brand that Wood Partners is delivering in metro Phoenix, and the second to open its doors. Two are currently under construction, while another is scheduled to break ground soon. The developer is extending the brand to other metros as well. Recently, Wood Partners broke ground on Alta Woodson, a 140-unit community in Oakland, Calif.

“Alta Central provides a sophisticated culture and dynamic atmosphere in a prominent Central Phoenix location, along the Central Avenue corridor. Alta Central capitalizes on the nearby growing neighborhoods and associated influx of culture, retail and transit access,” said Todd Taylor, managing director for Wood Partners, in a prepared statement.

Rendering courtesy of Wood Partners