Tempe - Wood Partners in Marietta, Ga. (Leonard Wood, principal) plans to develop a 296-unit apartment complex just east of the Arizona State University campus in Tempe. The 7.1-acre parcel is just south of the ASU Karsten Golf Course at the northwest corner of University Drive and Dorsey Lane. Sources say Wood Partners will pay roughly $7 million to buy the site later this year after zoning is complete. The seller is St. Paul Fire and Marine Insurance Co. in St. Paul, Minn. Michael Lieb of Michael A. Lieb Ltd. in Phoenix is brokering the sale. Wood Partners is looking at a fourth quarter construction start. That will allow for an opening by third quarter 2014. Wood Partners to oversee construction. The four-story project is being called The Residences at University Center. The Tempe apartments will be the sixth multi-family development completed by Wood Partners in the Valley. In October 2012, BREW reported Wood Partners planning to develop a 218-unit apartment community on a 5.65-acre site located at the northeast corner of Indian School and Granite Reef roads in Scottsdale. Construction to start in October and opening to follow third quarter 2014. Wood Partners currently owns three apartment complexes in the Phoenix area totaling 737 units. The company is interested in new development opportunities as well as buying existing multi-family projects in the Valley. The development contact at Wood Partners is Todd Taylor . . . call him at (480) 607-0622. Jane Maushardt handles acquisitions of existing apartments for Wood Partners in the Phoenix area . . . talk to her at (415) 888-3580. Reach Lieb at (602) 870-9471.
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