Tempe – With multi-family properties thriving in the Valley, a three-company joint venture intends to develop a 322-unit apartment community within the Fountainhead Corporate Park in Tempe. Tilton Development Co. in Scottsdale (Daniel Tilton, manager), Goodman Real Estate in Seattle, Wash. (John Goodman, chairman) and The Carlyle Group in Washington, D.C. have joined forces to develop the project. GRE Fountainhead Apartments LLC (Tilton/Goodman/Carlyle venture) paid $7.92+ million to buy the 10-acre site, which is just north of the northwest corner of Priest and Alameda drives. The seller was WPC Fountainhead LLC, a venture formed by Wentworth Property Co. in Phoenix (James Wentworth, Sr., James Wentworth, Jr., principals) and USAA Real Estate Co. in San Antonio, Tex. The buyer was represented by Tracy Glass of Insight Land & Investments in Phoenix and John Cunningham and Charles Steele of Jones Lang LaSalle in Phoenix. The seller was represented through Jeff Wentworth of Cassidy Turley in Phoenix. Records show GRE Fountainhead Apartments LLC acquired the land using $31.65 million in financing from National Bank of Arizona. The multi-family project, which is being designed by Todd & Associates Inc. in Phoenix, is being called Residences at Fountainhead. Continue reading
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