Wood Partners Breaks Ground on Phoenix and Gilbert Multifamily Developments, Fueling Arizona’s Housing Market
Wood Partners, a stalwart in the national multifamily development arena, is once again catalyzing growth within Arizona’s housing market, asserting its continued confidence in the region’s economic vitality with the commencement of two more addresses: Alta Dove Valley in Phoenix and Alta 87 in Gilbert. With a discerning eye on Arizona’s urban sprawl since the Great Financial Crisis, Wood Partners has now marked its 24th and 25th milestones, reflective of their unwavering commitment to carving out community spaces in this dynamic state.
Phoenix, a particularly favored beneficiary of this development spree, encapsulates the allure of the Southwest with its congenial climate and an economy brimming with momentum. “Phoenix has, and continues to, experience significant in-migration due to its favorable climate and thriving and increasingly dynamic economy,” affirms Todd Taylor, Managing Director for Wood Partners. Taylor adds, “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 presents as a 380-unit gem situated mere steps from the epicenter of tech growth – the Taiwan Semiconductor Manufacturing Company’s new $65 billion plant. This high-caliber facility anticipates generating around 6,000 jobs, setting the stage for Alta Dove Valley to be a pillar of home, comfort, and upscale living. With amenities such as a pool, spa, fitness center, coworking spaces, a two-story clubhouse, and a sky deck, the intricacies of premium living are well addressed; the development kicked off in May 2024 and its completion is eyed for 2026.
Not to be outdone, Gilbert will see the rise of Alta 87, a luxury 257-unit complex that effortlessly marries opulence with practicality. Residents will resonate with the modern comforts of an elaborate amenity suite, including pickleball courts, a trend-speckled nod to the suburbanite’s active lifestyle. In alignment with its predecessors, Alta 87 has been tenderly crafted by Wood Partners to enhance Gilbert’s residential landscape. Groundbreaking occurred in March 2024, and doors are expected to open in the first quarter of 2026.
Beyond these current projects, Wood Partners strides forward with an impressive portfolio, boasting over 80 properties and more than 25,000 units nationwide – a testament to its proven expertise and foresight in the multifamily industry. This surge of multi-residential developments is not just about crafting housing solutions but is a poignant statement on the faith Wood Partners places in the enduring prosperity of the communities that they serve. It’s a move that solidifies their reputation as an authority and thought leader in the multifamily space, while affirming their role in shaping the landscape of modern community living.