Yesterday Wood Partners’ entity WP West Acquisitions, LLC, one of the nation’s leading real estate developers, purchased 4.18 acres on Third Street and Thomas Road in the heart of downtown Phoenix.
The sale was brokered through Michael A. Lieb, Ltd representing the buyer, while Stuart Milne and Rich Andrus with Menlo Group Commercial Real Estate represented the multiple sellers in this 17-parcel assemblage. The sale closed on Monday, Nov. 9.
The land will be used to construct a new community called Alta Thomas, made up of high-end, multi-family units. The area is on the northwest corner of Thomas Road and Third Street.
“Located in one of the fastest growing metropolitan areas in the nation, Third and Thomas will be hugely attractive to young professionals looking to connect to the vibrant culture of midtown Phoenix and also have convenient light rail access to neighboring areas,” said Todd Taylor, development director for Wood Partners in Arizona and Nevada. “The thoughtfully designed luxury rental units, extensive community amenities and unparalleled cultural programming will provide a distinct backdrop for a community that genuinely draws on the culture of the neighborhood.”