Month: January 2021

Nashville, TN, January 28, 2021 (Nashville Business Journal)-As a slew of apartment projects come to life around the downtown core and its fringes, the Atlanta-based Wood Partners is investing in a less expensive, less dense district to the north.

The firm has secured funds to build Alta Riverwalk, which will house 304 apartment units on land adjacent to the city’s Greenway trailhead in Metro Center, which spans 850 acres in the Cumberland River’s bend. Construction is set to start in a matter of days, said Andrew Steffens, managing director of Wood Partners’ local office. Units should be available by spring 2022, according to a press release.

Nashville is in the throes of an affordable housing shortage, which is luring some young professionals away from downtown’s high price, trendy housing and into cheaper bedroom communities like Bellevue. But to Steffens, Metro Center is the best of both worlds: It’s primed for more affordable development, but also blocks away from some of the city’s most popular districts.

“The size of the developable parcels in Metro Center lends the opportunity for developers like me to build a less dense community, and when we can build a less dense community, it costs less, and when it costs less to build, we can charge less for rent,” Steffens said in an interview.

Metro Center is also much less dense than downtown, which could set tenants’ minds at ease in a post-pandemic world, Steffens said. At over six acres, the Alta Riverwalk property is more spacious than the multistory high-rise parcels that often epitomize city living. But the land isn’t the only Covid-era plus. The development and design teams decided that the project should feature an on-site office rental program to give tenants a change of scenery as they work from home.

Per-unit rent prices at Alta Riverwalk will hover around $1,000 to $2,200 depending on the floor plan, Steffens said. Other planned
amenities include a saltwater pool, club room and dog park, according to a statement. The project is Wood Partners’ fourth project currently under construction in Greater Nashville.

Steffens has been at Wood Partners, which is also the project’s general contractor, for two years. Before, he managed development for Middle Tennessee at Alliance Residential Co. He’s secured construction starts on four deals in the last eight months, with an additional 635 units set for completion by the year’s end.

An entity registered to Wood Partners bought the Alta Riverwalk acreage for $11.4 million, according to newly filed public records. Servis First Bank Nashville appears to have provided a $39.3 million construction loan for the site.

-Drew Hutchinson

Nashville, TN,  January 27, 2021 (Nashville Post)-Atlanta company pays $11.4M+ for site on which to undertake development on Cumberland River greenway.

Atlanta-based Wood Partners has secured financing and is set to begin construction in Metro Center on Alta Riverwalk, a 304-unit four-building apartment development.

The buildings, for which no renderings have been released, will be located at 200 Cumberland Bend near Honky Tonk Brewing Co. The site straddles the Cumberland River Greenway, with apartment building The Duke (a second Duke building is planned) sitting to the immediate west. A spring-2022 completion is eyed.

Wood Partners paid $11.43 million for the site, according to a Metro document. The seller, an LLC, paid $8.5 million for the site in September 2019. Wood Partners will act as the project’s general contractor, with Atlanta-based Brock Hudgins as the architect. Abuilding formerly home to Metro Medical Supply will be demolished next week. Alta Riverwalk will be the fourth Wood Partners project in the Nashville region joining Alta Foundry near Midtown, Alta Union in The Nations and Alta Depot in Smyrna. The four will comprise a collective 1,129 units. The company expects to start work on buildings offering an additional 635 units by the end of 2021 and continues to seek additional development sites in the area.

The release notes Alta Riverwalk unit rents will be “attractively priced at a discount to typical rents found in downtown and Germantown.”
“Much like the Beltline did in Atlanta, I predict the Greenway is going to play a huge role in the future of our city, and we are excited to be the first community that is going to truly embrace Greenway living,” Andrew Steffens (pictured),managing director of Wood Partners’ Nashville office, said in the release. “Not only will we deliver luxury-level finishes and amenities that a renter would expect in a downtown high-rise, but also Alta Riverwalk will offer direct bike and pedestrian connection to the greenway and a suite of amenity-filled outdoor spaces.”

Alta Riverwalk will feature four different buildings, each with its own courtyard and grilling areas. Amenities will including a saltwater pool, a club room, rooftop entertainment space overlooking the Cumberland River, indoor and outdoor fitness spaces, a bike sharing program and a golf training facility and putting green as well as dog parks and dog washing area.

The development also will offer for those who work at home an “Alta Work” rental program, a new feature from Wood Partners Nashville.

Wood Partners has been involved in the acquisition and development of sites home to buildings with a collective more than 79,000 multifamily residences and a combined capitalization of more than $14.1 billion. The company owns 68 properties across the United States with a combined more than 18,000 apartment homes.

In addition to Atlanta and Nashville, Wood Partners has offices in Austin, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Orange County (California), Orlando, Phoenix, Portland, Raleigh-Durham, San Francisco, Washington, D.C., and West Palm Beach.

-William Williams

SPRING, Texas, January 18, 2021 (Newswire.com) – Wood Partners, a national leader in multi-family real estate development, announced today the grand opening of its newest luxury residential community – Alta Cathedral Lakes – in Spring, Texas. Leasing is currently underway at the community and more information can be found at AltaCathedralLakes.com.

Located at 698 Basilica Bay Branch Drive, Alta Cathedral Lakes is just 30 miles north of Houston via Interstate 45. In addition to I-45, the new community is conveniently located near Texas State Highway 99 and the Hardy Toll Road offering residents easy access to many nearby lifestyle conveniences and employment opportunities and the rest of the greater Houston area.

Major employers in the area include ExxonMobil, Daikan Southwestern Energy and American Bureau of Shipping. Hewlett Packard Enterprise also recently announced plans to relocate its headquarters from San Jose, California, to a brand new campus in the Greater Houston area, which is under construction in CityPlace at Springwoods Village. Other major area employers include CHI St. Luke’s Health, Memorial Hermann and Texas Children’s Hospital in The Woodlands. The community is also close to the Hine’s Pinto Business Park that includes employers such as Amazon, The Coca-Cola Company, Sysco Corporation, Grocers Supply and Alfa Laval.

“Alta Cathedral Lakes is an ideal option for residents who desire to live in a first rate luxury community in the Spring area that is conveniently located next to major employers and world class retail,” said Bart Barrett, Managing Director for Wood Partners. “Whether you’re a young professional or a family of three, this new community provides a very comfortable and convenient place to live.”

Recreational opportunities for residents to enjoy in the area include Cynthia Woods Mitchell Pavilion, The Woodlands Country Club, George Mitchell Nature Preserve, Sky Zone, Legends Sports Complex and eight different golf courses within a 15-minute drive. Additionally, the George Bush Intercontinental Airport is a 20-minute drive away, making the community a convenient place to live for those who travel.

Residents will also enjoy being within a 10-mile radius of a plethora of retail and restaurant options including Springwoods Village, Pinecroft Center, Portofino Shopping Center, The Woodlands Mall, Market Street, Grand Parkway Marketplace and Waterway Square.

Alta Cathedral Lakes has best-in-class amenities and finishes. The community’s 300 units feature stainless steel appliances, granite countertops, tile backsplashes, 42″ cabinets, wood-style flooring and full-sized washer and dryers.

Amenities for the entire community to enjoy include a state-of-the-art fitness center, a sparkling resort-style pool, business center with co-working spaces and reservable conference rooms, dog park and wash, bike storage and an outdoor courtyard with a kitchen.

About Wood Partners

Wood Partners is a national real estate company that acquires, develops, constructs and property manages multifamily communities. The company has been involved in the acquisition and development of more than 85,000 multifamily homes with a combined capitalization of more than $15.6 billion nationwide. The company currently owns 68 properties across the United States with a combined total of more than 18,000 homes. Wood Partners has offices in 20 major markets nationwide including Atlanta, Austin, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Nashville, Orange County, Orlando, Phoenix, Portland, Raleigh-Durham, Salt Lake City, San Francisco, Seattle, Washington, D.C., and West Palm Beach.