Scottsdale/Tempe – Two developers have paid $27.425 million to buy a combined 26.25 acres in two sites in Scottsdale and one in Tempe to build 854 apartment units in three separate multi-family communities. Wood Partners in Marietta, Ga. (Leonard Wood, principal) is building 514 of the apartments in projects in Scottsdale and Tempe and TDI Real Estate Holdings LLC in Irving, Tex. (Mark Bryant, CEO) is developing 289 units in phase two of a multi-family complex in Scottsdale. BREW reported all three of the projects in the works and the developers agreeing to buy the apartment sites in stories published in 2012 and 2013. Wood Partners plans to develop 218 apartments at the northeast corner of Indian School and Granite Reef roads in Scottsdale. Public records show WDF-3 Wood Scottsdale Owner LLC (Wood Partners entity) paid $5.525 million to purchase the 5.65-acre parcel. The seller was RMC Corporate Center LLC, a company formed by Rural/Metro Corp. in Scottsdale. In Tempe, Wood Partners is developing a 296-unit apartment complex east of the Arizona State University campus. WDF-3 Wood Tempe Owner LLC (Wood Partners entity) paid $7.4 million to acquire that 7.1-acre parcel, which is located at the northwest corner of University Drive and Dorsey Lane. The seller was St. Paul Fire and Marine Insurance Co. in St. Paul, Minn. Records show the Wood Partners entity acquired the Tempe site by using $28.2 million in financing from Comerica Bank. Both of the Wood Partners land buys were negotiated through Michael Lieb of Michael A. Lieb Ltd. in Phoenix. Wood Partners is developing the Scottsdale and Tempe apartments with unnamed joint venture partners. The communities are being called Alta Scottsdale and Alta Tempe. Continue reading
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