PHOENIX, AZ - National multifamily developer Wood Partners announced the start of construction on Alta Dove Valley in Phoenix and Alta 87 in Gilbert, Arizona. These new communities bolster Wood Partners' presence in Arizona, bringing its total to 24 starts in the state since the Great Financial Crisis.
"Phoenix has, and continues to, experience significant in-migration due to its favorable climate and thriving and increasingly dynamic economy," said Todd Taylor, Managing Director for Wood Partners. "There is a significant housing shortage in the MSA and we will need many thousands of units over the coming years to solve it. Notwithstanding current market chop and challenges, we remain bullish on the mid-term and long-term wider Phoenix market and look forward to delivering these exceptional apartment communities into the coveted Gilbert and North Phoenix submarkets."
Alta Dove Valley is located at 2725 West Dove Valley Road. The community is across the interstate from the Taiwan Semiconductor Manufacturing Company's new $65 billion semiconductor fabrication facility in North Phoenix, which is expected to create approximately 6,000 jobs. The 380-unit multifamily building will include a mix of one-, two- and three-bedroom floorplans. Amenities will include a pool and spa, a state-of-the-art fitness center, coworking spaces, a two-story clubhouse and a sky deck. Alta Dove Valley broke ground in May 2024 and is expected to be completed in 2026.
Alta 87 is a 257-unit luxury multifamily development in Gilbert, Arizona, conveniently located on Arizona Avenue, minutes from both the 60 and 101. Amenities will include a pool and spa, a state-of-the-art fitness center, two pickleball courts, co-working spaces and a two-story clubhouse. Alta 87 is Wood Partners' third community in Gilbert. The development broke ground in March 2024 and is expected to be completed in the first quarter of 2026.
Wood Partners is a national leader in the development, construction, and management of multifamily communities across the United States. The company has been involved in the acquisition and development of more than 100,000 multifamily homes with a combined capitalization of $21 billion. The company currently owns 80+ properties across the United States representing more than 25,000 units.
Source: Wood Partners