PHOENIX, AZ - Wood Partners has broken ground on Alta Fillmore, a 4.1-acre multifamily community located on Fillmore Street in the heart of downtown Phoenix that will offer 230 units with superior amenities and high-end finishes in the middle of an incredible array of walkable amenities and employment opportunities. Leasing is expected to begin in the third quarter of 2016, and Wood Partners expects the project to be completed by the first quarter of 2017.
"Alta Fillmore will offer residents a unique value proposition that includes excellent walkability and bike-ability to the unique amenities found in downtown Phoenix," said Todd Taylor, Wood Partners' development director for Arizona and Nevada. "Additionally, residents will enjoy cutting-edge amenities and unit finishes at an attractive price point."
The community, designed by Biltform to appeal to the 80,000 professionals who work in downtown Phoenix, will offer apartments at more attainable rates than other rentals in the area. It will consist of two four-story buildings offering one-, two- and three-bedroom units ranging from 671 to 1,525 square feet with granite countertops, stainless steel appliances, vinyl plank flooring and many locally sourced materials. Alta Fillmore will include a clubroom and bar area, fitness center, resort-style pool and 337 parking spaces.
Wood Partners Construction Services is the general contractor. Wood Residential Services, Wood Partners' property management division, will manage the property.
This project is Wood Partners' 10th multifamily community in the Phoenix metro area, where the national multifamily investment firm has added more than 2,900 units to the area's housing stock.
According to the National Association of Home Builders' formula to determine the local impact of adding rental housing in typical metro areas, adding 230 rental apartments will generate $37.4 million in local income, $7 million in taxes and other revenue for local governments and 141 local jobs.