Wood Partners Announces Start in Dallas Design District

DALLAS–(BUSINESS WIRE)–Wood Partners, a national leader in real estate development and acquisition, today announced the start of construction on a new development in Dallas, named Alta Strand. This unique 400-unit community will be strategically located in the vibrant and fashionable Design District.

“The Design District has carved out a powerfully unique identity in Dallas. Vibrant, eclectic and upscale, the neighborhood has become a key piece of Dallas’ cultural fabric,” said Bart Barrett, Development Director for Wood Partners in Houston. “Its mix of art galleries, design showrooms, restaurants and entertainment are a perfect fit for what we sought for our new community. Alta Strand’s proximity to the Trinity Strand Trail and the exciting Uptown Dallas area will offer young professionals and families a new opportunity to take advantage of the best of what this dynamic area has to offer.”

Alta Strand will feature extensive community amenities available for all residents to enjoy. Two clubhouses, five courtyard areas with two pools, a conference room and a two-level fitness center with a yoga room will provide residents with a variety of conveniently located opportunities for both recreation and relaxation.

Additionally, units at Alta Strand will be thoughtfully designed for maximum use and feature stainless steel appliances, quartz countertops, full tile backsplashes and 42-inch cabinets which are intended to frame a flexible backdrop to support the active lifestyle of Alta Strand’s target renter.

“The Design District is Dallas’ new ‘it’ neighborhood, and Alta Strand’s overall design is intended to connect residents with a luxurious home that will hopefully integrate well with the class, style and culture of the neighborhood,” said Barrett.

Alta Strand broke ground this month and is currently under construction. Leasing is scheduled to begin in spring of 2017.


Wood Partners to Break Ground on New 340-Unit Community in Maryland

LAUREL, MD – Wood Partners, a leader in real estate development and acquisition, has announced that they will break ground this month on a new 340-unit apartment community in Laurel, Maryland. The project will be located on 5.24 acres adjacent to the Towne Centre at Laurel, a new mixed-use destination offering a variety of retail and entertainment venues.

“The shopping district’s various retail, restaurant and entertainment options, combined with our welcoming units and expansive amenities, will offer residents a high quality of life in close proximity to downtown Washington and Baltimore, making it an optimal location for young professionals and families alike.”

“We look forward to contributing to the vibrant Towne Centre at Laurel through Wood Partners’ distinct and modern approach to apartment communities,” said Scott M. Zimmerly, director of the Mid-Atlantic Region for Wood Partners. “The shopping district’s various retail, restaurant and entertainment options, combined with our welcoming units and expansive amenities, will offer residents a high quality of life in close proximity to downtown Washington and Baltimore, making it an optimal location for young professionals and families alike.”

Designed by JDavis Architects, the new community will include a 640,000-square-foot, four-story building wrapping a 555-space parking garage. The units will boast modern features and finishes, including quartz countertops, stainless steel appliances, tile backsplashes, oversize tubs, vinyl plank flooring, upgraded lighting and hardware packages, and full-size washers and dryers.

Planned community amenities range from several lounge spaces, a game room, and a café, to a business center and state-of-the-art fitness facility with a yoga studio. Residents will also enjoy additional storage space, bicycle storage and a pet spa. Three enclosed courtyards will create distinct outdoor spaces, and a relaxing pool and sundeck, multiple grilling areas, outdoor fireplaces and a bocce court will offer ample room for outdoor entertaining.

The Towne Centre at Laurel is home to nearly 400,000 square feet of shops, dining and entertainment options. Among the national and local retailers and restaurants at the center are Harris Teeter, Sports Authority, Regal Cinemas, Old Navy, B.J.’s Restaurant & Brewhouse, Outback, Mission BBQ and Panera Bread. Adding to the development’s ideal location, Granville Gude Park and Lakehouse is located directly across the street and features a 29-acre park, two lakes, picnic pavilions, a boat dock with paddle boat rentals, play areas and 1.25 miles of trails.

The property was sold by Greenberg Gibbons and brokered by CBRE. Wood Partners will be the general contractor on the project. Leasing is anticipated to begin in early 2017, with construction scheduled for completion by the summer of 2017.

Wood Partners Sells Del Arte in Colorado

AURORA, Colo.–(BUSINESS WIRE)–Wood Partners, a national real estate leader, and E2M Partners announced the sale of Del Arte Lofts & Flats, a 351-unit apartment complex in Aurora, Colorado, earlier this week. The community went on the market in June of this year and sold to Advenir for $52 million on September 14th.

“Del Arte is great example of a successful repositioning of an asset that has a strong location with great drive-by, access to jobs, and proximity to retail and services, but that was not meeting its potential,” said Jane Maushardt, Wood Partners’ Senior Vice President of Acquisitions. “Through a thoughtful renovation of the 1980’s-era unit interiors and common areas, we were able to appeal to Denver city-dwellers looking for quality apartments and amenities at a more reasonable price in an ideal location.”

Del Arte is located in the growing Aurora community off Alameda Avenue near Interstate-225, offering convenient access to the Denver airport and the Denver Tech Center. The complex is located on more than 11 acres and includes 17 buildings comprised of open loft-style one-, two- and three-bedroom homes featuring fireplaces, modern appliances, spacious storage and galley-style kitchens. The property is currently fully occupied.

Del Arte was purchased by Wood Partners in May 2013 for $33 million and over the two years of ownership, Wood Partners fully renovated the leasing office, clubhouse and the fitness center. The units, most of which had original finishes, were remodeled to include new appliances, modern cabinetry and flooring, new granite-style countertops as well as all new plumbing and lighting fixtures.

The property boasts convenient on-site amenities including a newly designed clubhouse for community gatherings, leasing center, business center, outdoor pool and Jacuzzi, and a state-of-the-art fitness center. Del Arte is in close proximity to local retail, dining, schools and local job centers as well as easy access to beautiful jogging trails.