Month: October 2023

Partners and Friends:

2022 was another outstanding year for Wood Partners. While a previously robust capital markets environment started softening in the second quarter, we were still able to produce extremely strong results in 2022.  I am proud to see our team continue to execute at a high level. Turning to the new year, we are encouraged to see early signs of cost inflation abating as well as continued solid operating performance across our operating assets. However, more cautious and choppy capital markets will limit new development pipeline opportunities in 2023 (relative to 2022). As always, we will be prudent with our predevelopment investment and, though this year will be slower than last, we are excited about the projects currently in our pipeline. In 2023, we expect our project start volume will be consistent with our long-term annual average over the past 10+ years. This ability to execute through the cycle is a testament to the depth and breadth of our capital relationships that put their trust in the Wood Partners organization.  Thank you.

Wood’s financial position is as strong as ever. The average loan-to-cost of our portfolio is 56% (<55% for 2022 starts), we do not have any land loans on our balance sheet, and debt maturities are limited to seven loans through 2024 (including only one outstanding loan maturity in 2023).  Following a year of record new development starts, our working capital level is elevated and will further serve to mitigate any market choppiness during the next 12 to 24 months. Some highlights from 2022 include:

• Starting 32 new development projects comprising more than 10,000 multifamily homes and nearly $3Bn total capitalization.
• Selling 17 properties representing nearly $1.7Bn total value.
• Ending the year with more than 50 projects under construction.
• Growing our property management portfolio by nearly 40% to 23,000 homes, primarily through growth in our third-party relationships.

Our property management platform continues to excel. In addition to the focus we place on the Wood Partners’ lease-up portfolio, we are thrilled to now manage more than 12,000 multifamily homes for valued third-party clients. The expansion of our third-party management portfolio allows us to continue to invest in our property management team to ensure our teams and properties perform at the top of the market. Our growing portfolio also provides additional opportunities for Wood Partners’ associates to continue to develop within our organization.

The COVID-19 epidemic disrupted temporarily our growing relationship with Habitat for Humanity, but we are pleased and proud that Wood Partners’ associates around the country participated in nine builds in the past 12 months. Our associates have enjoyed swinging hammers alongside colleagues from construction job sites, operating communities, and corporate offices while giving back to the communities that have been so good to us. We look forward to continuing to grow this relationship in 2023 and beyond.

As we look forward to 2023, it is clear that capital markets will be more challenging. We appreciate the challenges this current outlook brings and although no company is immune to these headwinds, Wood Partners’ track record, strong culture, and financial discipline allows us not only to endure but to prosper in this type of environment. Multifamily has proven its resilience as an asset class through the Great Financial Crisis and COVID epidemic, and we believe that the industry will continue to outperform. As we enter 2023, we will continue to balance our careful approach to risk management with the entrepreneurial mindset necessary to identify opportunities we believe will provide compelling risk-adjusted returns. During times of capital market stress, we usually see a “flight to quality” as our capital partners choose their operating partners more carefully.  We welcome this flight-to-quality mentality and we look forward to partnering with you in 2023

DALLAS (October 10, 2023) – Leading national multifamily real estate developer Wood Partners today announced the grand opening of its newest high-end residential community, Alta at The Farm, situated in the Dallas region.

Alta at The Farm is located in the heart of The Farm, a 135-acre mixed-use development in the prominent Dallas suburb of Allen, and adjacent to The HUB, a multifaceted outdoor entertainment and retail venue. Alta at The Farm is also within walking distance of The Farm’s Central District, which includes High 5 Entertainment and Chicken and Pickle, both of which will start construction this month. With FarmWorks One, a 102,000-sqaure-foot Class A office building, also under construction just two blocks away, The Farm will include a dynamic blend of office spaces, retail boutiques, entertainment venues, and residential offerings. Some standout features of The Farm include a sprawling 16-acre greenbelt and expansive open spaces that stretch the entire length of the development, a picturesque 2.5-acre lake and a diverse selection of dining options, multiple inviting pocket parks, and a 2.5-mile network of versatile multi-use trails seamlessly connecting to the broader Allen trail system.

“We’re thrilled to expand our presence in the Dallas/Fort Worth region and extend a warm welcome to residents at Alta at The Farm,” said Ryan Miller, Managing Director at Wood Partners. “With nearby parks, hiking and biking trails, a serene lake, and an array of shopping and dining opportunities, residents at Alta at The Farm will have the privilege of enjoying the ultimate live-work-play lifestyle.”

“From the beginning, we designed The Farm in Allen to be a premier place to live, work, and play. Serving Allen and the surrounding areas, the grand opening of Alta at The Farm officially takes us another step closer to fulfilling that vision,” said Bruce Heller, President of JaRyCo and Developer of The Farm. “It has been a pleasure working with Woods Partners to bring this high quality urban residential project to The Farm.”

Alta at The Farm offers 325 apartment homes offering residents a range of choices among studio, one-bedroom, and two-bedroom floorplan layouts. Each apartment comes equipped with premium finishes, including luxurious kitchens featuring granite countertops, stainless steel appliances, high-end fixtures, and chic tile backsplashes. Furthermore, these homes will include state-of-the-art technology, keyless entry systems, wood plank flooring, and the added convenience of in-home washer and dryer sets.

Throughout the community, residents have access to an impressive array of amenities you won’t find in other Allen apartments in Texas, including a resort-style pool with tanning ledges, a second courtyard with grilling areas and fire pits, a community clubhouse featuring a state-of-the-art fitness facility, private fitness micro-studios, and a Sky Lounge deck overlooking West Lake Park and The HUB. Additionally, residents also have access to remote working areas, social gathering spaces, and enhanced Wi-Fi throughout the common areas.

Alta at The Farm is managed by Wood Partners. Visit www.altaatthefarm.com for more information.

About Wood Partners
Wood Partners is a national leader in the development, construction, and management of multifamily communities across the United States. The company has been involved in the acquisition and development of more than 95,000 multifamily homes with a combined capitalization of $20 billion. The company currently owns 80+ properties across the United States representing more than 25,000 units, as well as providing property management for an additional 55 third-party assets representing 14,000 units. Headquartered in Atlanta, Wood Partners has offices in 22 major markets across 15 states nationwide. The company also operates an award-winning, full-service property management group that proudly operates both properties developed by Wood Partners and communities owned by third parties. For four years running, Wood Residential has ranked No. 1 nationally for online reputation in the J Turner ORA™ Power Rankings (Division III). For more information, visit woodpartners.com.

Contact: Donya Mansoorian, bcwwoodpartners@bcw-global.com

About JaRyCo

JaRyCo Development LLC was created in 2001 by Bruce R. Heller, who saw an opportunity to pursue development in a manner not common within the industry. With more than 42 years of experience in the design, construction and development of major real estate projects, Heller leads JaRyCo to focus on finding development opportunities which truly make sense from a long-term business perspective, both from an investment standpoint and most importantly from the end user standpoint. Since its founding, JaRyCo has completed a variety of project types including: office buildings, corporate headquarters, medical office buildings, specialty hospitals, office flex, hotels and land development. Mr. Heller has been responsible for the development of nearly 4 million square feet of real estate with a total development cost of well over half a billion dollars. For more information, visit jaryco.com.

FALLS CHURCH, Va., /PRNewswire/ — National multifamily real estate development leader Wood Partners has officially announced construction is underway on Alta Nova, the company’s latest luxury residential community, located in Falls Church, Virginia. Pre-leasing for the property is anticipated to begin in 2024, with initial units becoming available in early 2025.

Situated at 5851 Columbia Pike, Alta Nova presents an ideal living environment for young professionals and families seeking to immerse themselves in the allure of the Washington, D.C. metropolitan area. Nestled in the heart of Northern Virginia within the Capital Beltway (I-495), Alta Nova will offer convenient access to prominent employment centers, such as the Pentagon, Amazon HQ2, Tysons, RB Corridor, and Washington, D.C.

Residents of Alta Nova will have direct access to a diverse selection of retail, dining, and entertainment options just moments from the community, including MusicBox Karaoke Lounge, Cyber Raccoon Escape Room Fairfax DC, World Market, and a conveniently located Trader Joe’s right across the street. Residents can also enjoy the craft brews of Audacious Aleworks Brewery or unwind at Martini Lounge, Meridian Pint, or Dogwood Tavern. With this diverse range of options, there’s a delightful experience to suit every taste and preference.

Apart from the local attractions in Falls Church, residents will discover an abundance of nearby recreational and outdoor opportunities to explore, including Berman Park, Big Chimneys Park, Crossman Park, and the W&OD Trail.

“With construction currently underway, we eagerly anticipate extending a warm welcome to future residents of Alta Nova in Falls Church, Virginia,” said Ben Lazarus, Managing Director at Wood Partners. “Northern Virginia, home to over 2.5 million residents, is the vibrant heart of the Washington, D.C. metro area, and we are excited to contribute to the enriching landscape of this region with our community.”

Once construction is complete, Alta Nova will offer 364 apartment homes, encompassing a diverse range of custom-designed floor plans, including studio, one-bedroom, one-bedroom with den, two-bedroom, three-bedroom apartments, and three-bedroom townhouses. Each residence will display an array of attractive features and materials, such as modern stainless-steel appliances, kitchen countertops crafted from quartz, complete in-unit washer and dryer sets, and wood-style flooring in both the kitchen and living room areas. Within the community, residents also have access to an abundance of communal offerings, including a resort-style pool featuring a sunbathing deck and private cabanas, outdoor entertainment spaces equipped with grilling stations, televisions, and a fireside dining area, a cutting-edge 24/7 fitness center, coworking areas, and a pet spa complete with dog washing stations.