SCOTTSDALE, AZ - Wood Partners has begun construction on Alta Paradise Ridge, a 278-unit luxury multifamily rental community on 5.85 acres in North Scottsdale near Arizona's second-largest office submarket and world-renowned upscale shopping, golf, recreation and fine dining. Leasing is expected to begin in the 4th quarter of 2015.
"Alta Paradise Ridge will be a contemporary, highly amenitized multi-housing project that will capitalize on strong retail and walkable amenities to the east, the new Mayo Clinic Cancer Center and the new Arizona Biomedical Corridor to the west," said Todd Taylor, Wood Partners' development director for Arizona and Nevada.
Offering spectacular vistas of Piestawa Peak and the Sonoran Desert, Alta Paradise Ridge will have amenities including a resort-style pool and spa, barbecue grills and a bocce ball court. Apartments in the four-building complex (plus lofts), designed by Biltform, will have solid-surface countertops, plank flooring, stainless steel appliances and one-compartment sinks.
Historically the strongest submarket in the Phoenix MSA, North Scottsdale leads the state in occupancy and rent growth and offers a combination of demographics, employment and amenities not found anywhere else in Arizona. Alta Paradise Ridge will be within easy walking distance to Scottsdale 101, which includes a Whole Foods, luxury retail and movie theaters, and less than two miles north of Scottsdale Quarter, a unique new city district with shopping, restaurants and entertainment. In addition, Old Town Scottsdale is a 15-minute drive.
The Loop 101 Freeway, a half mile to the north, offers easy access to the East Valley, West Valley and Phoenix, and Alta Paradise Ridge will be within five miles of an estimated 13,300 businesses and nearly 160,000 jobs. Major employers including GoDaddy's global headquarters, GE Capital, Taser International, Vanguard and Fender Guitars are all located within the North Scottsdale submarket.
Prudential Real Estate was the seller, CBRE was the brokerage firm and Phoenix Capital is the equity partner. Wood Partners is the general contractor.
According to the National Association of Home Builders' formula to determine the local impact of multifamily housing in typical metro areas, adding 278 rental apartments will generate nearly $21.8 million in local income, $2.1 million in taxes and other revenue for local governments and 338 local jobs.