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Posts Tagged ‘multifamily’

Wood Partners’ Domain by Alta – San Diego Luxury Apartment Community Is Now Open

August 2nd, 2012

Demand Is High as the Project Is Already 30 Percent Leased Since June 1, 2012

SAN DIEGO, CA–(Marketwire – Aug 2, 2012) – The construction of Domain by Alta – San Diego, a $90 million luxury apartment community in San Diego’s Spectrum Center business park, is complete and the property is already more than 30 percent leased, announced Wood Partners, one of the nation’s largest and most active multifamily developers.

Domain by Alta – San Diego apartment community, which opened in June 2012, is a four-story podium project that was started from the ground up in August 2010. It is comprised of two rental apartment buildings erected over two levels of subterranean parking with room for 750 vehicles and a separate community clubhouse.

“This is Wood Partners’ first new apartment community in San Diego and we’ve already experienced positive leasing interest from the community due to the project’s unique design elements and vast amenities,” said Director Brian Hansen, who oversees the company’s development projects in Southern California. “Market conditions are certainly better now than when we bought the property and started construction — and we were optimistic even then because of the strategic location of this property.”

Domain by Alta – San Diego is located in the master-planned, 244-acre San Diego Spectrum business and residential community at 8795 Lightwave Avenue. The community is ideally situated midway between Interstates 805 and 15, and just one mile south of Route 52, providing easy access to downtown San Diego, the local beaches and Mission Valley.

The apartment rentals are a mix of 23 studios, 197 one-bedroom and 159 two bedroom apartments, and 35 units meet an affordability requirement. The quality of the apartments units and the amenities are superior to most of the local competition, and all units include wood laminate flooring, granite countertops, stainless steel appliances and in-unit washers and dryers.

The community is centered around an expansive pool area with cabanas, a spa, barbeque pits, a waterfall and trellises that take maximum advantage of the area’s temperate climate. A two-story clubhouse with reclaimed teak flooring features a glass wall and a second-story, 1,200-square-foot outdoor deck that overlooks the pool as well as a state-of-the-art fitness center and wireless Internet access. Wood Partners built a two-acre public park in front of the project on land owned by the City of San Diego.

“San Diego is a market where we see tremendous opportunities,” Hansen said. “The supply of apartments is low, the overall vacancy rate is tight and the job market is starting to turn around.”

For more information on Domain by Alta – San Diego please visit www.domainsandiego.com

About Wood Partners Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. In 2011, it was ranked the nation’s No. 1 multifamily developer with 3,750 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 40,000 homes with a combined value of more than $5.5 billion nationwide. Wood Partners has offices in 15 major markets nationwide including Atlanta, Baltimore, Boston, Charlotte, Dallas, Delray Beach, Denver, Houston, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle and Washington, D.C. To learn more about Wood Partners, please visit our Web site atwww.woodpartners.com.

 

Wood Partners Jasper by Alta Community in Wedgwood Nearly 50 Percent Leased Prior to Opening

July 9th, 2012

SEATTLE, WA- July 9, 2012 – Wood Partners announced today that it has leased more than 50 percent of its new 91-unit luxury apartment community in Wedgwood, Jasper by Alta, which officially opens tomorrow.

Wood Partners broke ground on Jasper by Alta, located at 8606 35th Avenue NE in Seattle, in June of last year and construction is in its final weeks. The pre-leasing has been conducted by Indigo Real Estate Services.

“We are impressed with how well Jasper has been received, but not necessarily surprised, since a lot of people are starting to discover the wonders of Wedgwood and this is the first new luxury product the neighborhood has seen in a long time,” said Steve Orser, Wood Partners’ vice president of development for the Pacific Northwest. “The community has a warm and unique feel, even for Seattle and the Pacific Northwest, and every facet of Jasper by Alta was uniquely designed to complement that feel with an essence of soulful living.”

Jasper by Alta is close by the University of Washington hospital and the currently expanding Seattle Children’s hospital, two vibrant and growing employers, less than 10 miles to downtown Seattle, and just a very short drive from the 520 bridge crossing into the Redmond, Bellevue, and Kirkland employment centers. The area is extremely walkable offering a variety of nearby shopping options, including the robust University Village, and grocers, cafes, salons, and dining. There are also walking and bike trails including beach parks near Jasper.

“Wedgwood is not like other neighborhoods and Jasper by Alta is not like other apartment complexes,” Orser said. “Jasper by Alta is a charming, smaller project nestled among the trees in a great neighborhood and there is nothing similar in its immediate area. And because Wedgwood is not a dense neighborhood, we can accommodate people’s desire for more living space with spacious floor plans as large as 1,400 square feet. That’s a lot bigger than most of the other apartment communities in the Seattle area.”

Jasper by Alta features four stories with a single-level subterranean garage and an expansive green roof deck, as well as a spacious community room. The building features room to spread out not frequently seen in contemporary Seattle’s urban apartments with studios, one- and two-bedroom units ranging in size from just under 500 to more than 1,400 square feet.

Among the unit amenities are beautiful slab granite countertops with glass tile backsplashes, hardwood-style laminate flooring in the kitchens and bathrooms, spacious walk-in closets and bathrooms, and one- and two-bedroom floor plans with den and bonus space. Many homes even have bay windows and private patios, decks and balconies.

In addition to the rooftop deck, which is perfect for entertaining, lounging, and barbecuing, the common amenities include Wi-Fi, a resident lounge and demonstration kitchen ideal for resident gatherings and meetings, and an adjoining media room with flat screen television and additional seating area.

The project was constructed by Exxel Pacific. The design team included Baylis Architects, DCI Engineers, Nakano Associates landscape architects and Sechrist Design Associates for interior design. The lender on the construction loan is Banner Bank.

Additional information is available at www.jasperbyalta.com.

About Wood Partners Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. In 2011, it was ranked the nation’s No. 1 multifamily developer with 3,750 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 40,000 homes with a combined value of more than $5.5 billion nationwide. Wood Partners has offices in 15 major markets nationwide including Atlanta, Baltimore, Boca Raton, Boston, Charlotte, Dallas, Denver, Houston, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com.

http://www.marketwire.com/press-release/Jasper-by-Alta-Community-in-Wedgwood-Nearly-50-Percent-Leased-Prior-to-Opening-1677672.htm

Wood Partners Announces Plans to Build an All-Glass Luxury High Rise Multifamily Project in Los Angeles

July 6th, 2012

LOS ANGELES, CA–(Marketwire – Jul 6, 2012) – Plans for a luxury, glass high-rise apartment project in downtown Los Angeles — shelved during the 2008 economic downturn — are on the front burner again as high demand and low construction costs make multifamily housing attractive to investors and developers.

Wood Partners, the nation’s leading builder of multifamily housing, expects to break ground on the 22-story, 290-unit project in the South Park district at 801 S. Hope St. in September, with leasing to start in the summer of 2014.

“Downtown LA is seeing significant investment activity,” said Brian Hansen, Wood Partners’ director of development for Southern California. “That’s why our timing on Hope Street is perfect. Because we started in 2007 and now have full construction drawings, we’ll be among the first projects out of the gate, and one of the first post-recession high-rises located in downtown.”

The .7 acre yet-to-be named complex was purchased by Wood Partners back in 2008. The project will be modeled after Glass House Dallas, the developer’s popular 375-unit luxury apartment community in Texas, and its 393-unit high-rise condo project, Glass House Denver.

The one-and two-bedroom units will consist of floor-to-ceiling glass, and will incorporate the most popular floor plans of Wood Partners’ many existing high rise multifamily residential communities across the country.

The Hope Street high-rise will offer an impressive amenity package, and each unit will include an expansive balcony and high-end interior finishes.

Also included is an approximate 10,000 square foot elevated pool deck with thoughtfully designed clubroom with retractable glass walls that lead out to the oversized pool, outdoor social/dining area, spa, fire pit and garden retreat. Additionally, a roof top deck overlooking the Staples Center and LA Live to the southwest and the high rise buildings of the Central Business District to the north will provide additional outdoor gathering/event option for residents.

“We’re designing this high rise to provide an outdoor experience in an incredibly urban environment,” said Hansen. “Our demographic for this area — young professionals — has shown a clear desire for that indoor-outdoor connection.”

Parking will be on six levels, two of them underground, with 5,000 square feet of retail space on the street level.

In addition to the 290 units planned at 8th and Hope streets, Wood Partners has 800 units under construction in Southern California, including 298 units at the $75 million Warner Park luxury apartment community 25 miles northwest of Los Angeles, set to begin leasing early next year.

Hansen sees opportunity for additional development. Two of the largest and fastest-growing areas of Southern California are downtown Los Angeles and Hollywood, he said. In 2010, Wood Partners completed a 218 unit project in Hollywood that had many of the same urban, transit oriented characteristics of this project at 8th and Hope.

“We’re excited because we see a lot of positive things happening downtown,” said Hansen. “The South Park district is becoming a popular spot to live, in part because it’s extremely walkable — you’re close to L.A. Live, The Staples Center, movie theaters, retail and restaurants, as well as jobs and the LA Metro Red Line. It’s a true transit location.”

Housing demand by workers in their 20s to upper 40s will continue to grow downtown, according to Wood Partners’ market research. The area boasts 500,000 jobs but only 30,000 to 35,000 housing units.

Because of its close proximity to jobs, businesses and mass transit, the property on Hope Street has a Walk Score of 97 out of 100.

A recent Brookings Institution study predicts a bright future for highly accessible and walkable neighborhoods in urban locations such as South Park.

“Our research shows that real estate values increase as neighborhoods became more walkable, where every day needs, including working, can be met by walking, transit or biking,” Christopher B. Leinberger, co-author of the study, wrote in the May 25 New York Times.

The construction of the Hope Street high-rise project is estimated to generate nearly $23 million in local income, $2.4 million in taxes and other revenue for local governments, and some 350 local jobs.

The annual recurring impacts of building 290 rental apartments in a typical metro area typically are $6.7 million in local income, $1.1 million in taxes and other revenue for local governments, and more than 90 local jobs, based on data supplied by the National Association of Home Builders.

About Wood Partners Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. In 2011, it was ranked the nation’s No. 1 multifamily developer with 3,750 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 40,000 homes with a combined value of more than $5.5 billion nationwide. Wood Partners has offices in 15 major markets nationwide including Atlanta, Baltimore, Delray Beach, Boston, Charlotte, Dallas, Denver, Houston, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, Washington, D.C. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com.

 

Wood Partners Secures $26.8M Construction Loan for Miami Apartment Complex

June 26th, 2012

Construction to Begin in July on 240-Unit Community Expected to Be Available by February 2013

MIAMI, FL–(Marketwire – Jun 26, 2012) – Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, and national multifamily developer Wood Partners announced the closing of a $26.8 million loan for the construction of Alta Mira Apartments, a new market-rate apartment community in Miami. Construction is scheduled to begin in July with the first units expected to be available in February 2013.

Love Funding Director Carolyn Whatley of the Palm Beach office secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan program. Using the program enabled Wood Partners to secure fixed, low-interest rate financing for the initial 16-month construction period and for the 40-year term of the permanent loan.

Wood Partners is the nation’s most active multifamily real estate company that acquires, develops, builds and manages high-density and mixed-use communities. According to Dave Thompson, director for Wood Partners in Florida, this area of Miami hasn’t seen significant new multifamily development since the mid-90s, so Alta Mira should be well received in the marketplace.

Wood Partners’ investor in Alta Mira is Westplan Investors (www.westplan.com), a privately held company that owns and manages 26 apartment properties with over 8,500 units and a commercial portfolio of approximately 1 million square feet. MSA Architects of Miami designed the project, which will be constructed by Current Builders and managed by Laramar Group’s South Florida division.

According to the National Association of Home Builders, the one-year impact of construction activity for apartment projects of this size typically is nearly 300 direct and indirect jobs, $19 million in annual economic output, and nearly $2 million in local taxes and fees. On an ongoing basis, the local economic output is estimated around $5 million, including more than 100 direct and indirect jobs.

Alta Mira is the first new apartment development to be constructed in the immediate market in recent years. The property will offer convenient access to Miami’s central business district, a new Whole Foods directly across the street, major retail centers, numerous educational facilities and restaurants, and South Florida’s finest beaches.

Each of the 240 apartment units will offer generous amenities, including energy efficient ENERGY STAR® appliances. The development will also feature a 3,680 square foot clubhouse complete with a computer center, fitness center and kid’s playroom. The covered arcade will look over a pool and three interconnected landscaped parks. The clubhouse and first wave of units are expected to be available by February 2013.

Love Funding’s Whatley has closed nearly $1 billion in multifamily and commercial loan transactions across 43 states in her 25+ year career in the mortgage banking industry.

For more information, contact Carolyn Whatley at             (561) 207-6474      , or visitwww.lovefunding.com

About Love Funding Love Funding is a fully-approved HUD LEAN and MAP lender serving clients across the country from its headquarters in Washington D.C. and offices in Boston, Chicago, Cleveland, Dallas, Denver, Kansas City, Knoxville, Los Angeles, New York, Palm Beach, Tampa and St. Louis. The company offers refinance, construction and acquisition financing programs for multifamily, senior housing and healthcare facilities, including hospitals. Love Funding is one of the Love Companies, a St. Louis-based investment holding company with origins dating back to 1875. To learn more please visit our website and join us on Facebook and Twitter.

About Wood Partners

Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. In 2011, it was ranked the nation’s No. 1 multifamily developer with 3,750 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 40,000 homes with a combined value of more than $5.5 billion nationwide. Wood Partners has offices in 15 major markets nationwide including Atlanta, Baltimore, Delray Beach, Boston, Charlotte, Dallas, Denver, Houston, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, Washington, D.C. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com.

 

MKS Residential Breaks Ground on 3100 Pearl Development

June 1st, 2012

Environmentally-Friendly 319-Unit LEED Silver Class A Multifamily Apartment Complex Is Integral Part of Long-Term Development Initiative by City of Boulder

BOULDER, CO–(Marketwire – Jun 1, 2012) – MKS Residential LLC has announced that it has commenced construction on a 319-unit apartment project located just east of 30th and Pearl streets in Boulder, Colo. The development, known as 3100 Pearl, is a LEED (Leadership in Energy and Environmental Design) Silver, Class A, multifamily housing project.

Based in Solana Beach, California, MKS Residential is an institutional quality developer of Class A apartments initially focused on projects located in the Western part of the U. S. The principals of MKS are industry veterans Ronnie Morgan, Louis Kuntz and Ric Shwisberg.

The project is being constructed by ReyLenn Construction Company, an MKS affiliate, and is expected to open for leasing in the summer of 2013. Construction is scheduled to be complete by June 2014.

“Not only is Boulder in the midst of a housing shortage, it is also one of the most green-conscious communities in the country. While that presents certain challenges, it also makes for an extremely exciting project for us,” said Derek Empey, Senior Vice President of development for MKS Residential. “We have designed 3100 Pearl to the highest of green standards as a pedestrian and bike-friendly, transit-oriented community in the heart of Boulder close to employment centers. It is going to be an exceptional community that will lease up quickly.”

The two buildings on the 5.3 acre site are three and four stories tall and are being constructed over two levels of subterranean parking. The development includes 194 one-bedroom and 125 two-bedroom units yielding an average unit size of 850 square feet. The 3100 Pearl project also includes 3,000 square feet of commercial/restaurant space.

It is part of a larger development scope for the city of Boulder called Boulder Junction, which was originally known as the Transit Village Area Plan (TVAP), a long-term development initiative designed to expand transit connectivity within Boulder while providing an economic shot in the arm and much-needed new residential neighborhoods.

One primary focus of the 160-acre Boulder Junction plan is to ease traffic congestion and encourage green mass and non-motorized modes of transportation. To accomplish this, the city is constructing a “wooenrf” adjacent to the project. Woonerf is a Dutch term for streets where pedestrians and cyclists have the right-of-way over motorists and share equal access to the street. In the United States woonerfs have been built in downtown Boston and Somerville, Massachusetts, and one is planned for Sunnyvale, California.

Intrinsic to the Boulder Junction development, which is located in the geographic hub of the community and boasts a WalkScore® of 80, is a major walking/bike path. Across the street from 3100 Pearl will be the new Boulder Rapid Transit Village, the city’s major bus transfer station and the home of a future light rail station connecting Boulder to Denver. Tax revenues generated by 3100 Pearl will be earmarked to fund the transit facility and adjacent parking facilities. In addition, all residents of 3100 Pearl will be entitled to receive an annual Eco Pass that provides unlimited usage of Boulder County RTD (Regional Transportation District) services.

The centerpiece of the 3100 Pearl community will be a 10,000 square foot feature-rich clubhouse designed to complement the active and outdoor lifestyle favored by many Boulderites. Central to the clubhouse will be a 3,000 square foot fitness center and a 1,000 square foot all-purpose room capable of accommodating fitness programs and activities from yoga and Pilates to P90X®, kickboxing and spin classes.

The clubhouse will also include the leasing/management office, business center, cyber lounge and a game room replete with a teaching kitchen, pool table, indoor shuffleboard, and a Wii®/video game station. Outdoors, a spa and a mosaic-tiled infinity pool will be surrounded by individual seating areas with barbeques and gas fire pits. A self-service bicycle repair facility and pet/dog washing facility will also be located in the parking garage.

Unit amenities include nine-foot ceilings, tile kitchens with granite countertops and Whirlpool® refrigerators, microwaves, dishwashers, and garbage disposals, full size washers and dryers and energy efficient fixtures with decorative lighting.

The project is situated in close proximity to a new Whole Foods Market-anchored shopping center as well as the 29th Street Mall, downtown Boulder, the University of Colorado and the Pearl Street Mall. Major local retailers include a Target, Multiplex Theater, Home Depot and Walgreens, among others.

Major employers in the region include IBM, Sun Microsystems, Google, Lockheed Martin, Qualcomm, and the Boulder Valley School District in addition to the University of Colorado.

Media Relations: Putting Wood Partners on the National Housing Map

April 13th, 2012

Wood PartnersChallenge: Founded in 1997, Wood Partners had become the No. 1 multifamily builder in the nation with 6,000+ apartment starts in 2004. By 2007, it was named “The Fastest Growing Private Builder” in America by Builder magazine. Yet the company had almost no name recognition outside of its base in the Southeast and Texas, and that became a problem when Wood Partners wanted to expand, especially during the downturn when financing was tight.

 

Action: To build awareness of the Wood Partners brand, tout its track record and announce its expansion, Anton Communications implemented a comprehensive media relations and marketing campaign. It began with the successful launch of the company’s first California office in 2007, followed by the opening of a Denver office in 2008, and others in Seattle (2010) and Boston (2011). We also announced new acquisitions nationwide and promoted the company and its executives through proactive media pitching, executive interviews and speaking engagements at key industry conferences. Eventually, Wood Partners offices across the country began to call on our firm to help with grand openings of new communities and other special events, apply for industry awards and assist with social media efforts. In 2010 we were invited to join the in-house team in charge of developing a new website and created most of the content.

 

Results:  In 2011 alone, our firm generated 300+ positive news articles about Wood Partners with 10.4 million impressions, including coverage by the New York Times, the Financial Times, the Wall Street Journal and major newspapers in every city where it is actively developing. The print publicity was worth an estimated $442,000. Wood Partners has emerged from the depths of the housing crash as the nation’s second largest multifamily developer with almost 4,000 starts in 2011 – and everybody knows their name now.

 
 

Anton Communications |