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Posts Tagged ‘Wood Partners’
November 12th, 2014
278-Unit Luxury Rental Community Will Have Spectacular Views and Easy Access to Employment, Shopping and Recreation
SCOTTSDALE, Ariz. – November 12, 2014 –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 byBiltform, 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.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. 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 acquisition and development of more than 53,000 homes with a combined value of more than $8.3 billion nationwide. The company currently owns more than 75 properties with a combined total of 21,000+ units. Wood Partners has offices in 18 major markets nationwide including Atlanta, Austin, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Chicago, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website, www.woodpartners.com.
August 13th, 2012
ATLANTA, GA – Wood Partners, the nation’s most active multifamily developer, has hired real estate veteran Robert Hanrahan as senior vice president of asset management. Based in Wood Partners’ Atlanta office, he will provide direction and leadership in carrying out the company’s operational strategy and execution for its growing multifamily portfolio.
“I’m both excited and flattered to be joining an organization with a rich tradition in multifamily development and a culture of high-quality execution,” he said. “I’m also thrilled to be working with a team of real estate professionals that is committed to bringing the very best product to our clients, residents, customers and team members.”
In his new role, Hanrahan will assess capital and real estate market conditions to develop an appropriate annual business strategy for Wood’s portfolio, supervise and train asset managers, and take a lead role in communication with investors across the portfolio, among other responsibilities.
Spanning a 25-year multifamily and commercial management career, Hanrahan has worked for top companies such as RREEF, one of the world’s largest real estate investment managers, which he joined in 1996. Most recently he was vice president in the firm’s asset management group, where he managed 17 multifamily and mixed-use properties with approximately $1 billion in carrying value in the Midwest and Western United States.
Hanrahan has also held multifamily management positions with Colonial Properties and The Habitat Company with responsibility for value-added repositioning, as well as portfolio oversight. Additionally, he has held commercial management positions with Tishman Midwest and FiField companies where he managed a portfolio of “Class A” suburban office buildings.
Hanrahan holds a master’s degree in business administration from the University of Wisconsin and a bachelor’s of arts degree in political science from DePaul University. He is a Certified Property Manager through the Institute of Real Estate Management and also holds an Illinois Managing Broker’s license.
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 at www.woodpartners.com.
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.
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
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.
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.
April 13th, 2012
 Challenge: 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.
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