Month: November 2023

UNIVERSITY PLACE, Wash., Nov. 29, 2023 /PRNewswire/ — Leading national multifamily real estate developer, Wood Partners, today announced the official grand opening of its newest luxury residential community, Alta University Place. The upscale community is nestled in University Place, an upscale suburb situated near Tacoma, Washington, and is Wood Partners’ third development to debut in the Seattle–Tacoma market.

Centrally located in a sought-after community between the Puget Sound and the I-5 corridor, Alta University Place provides residents with walkable local conveniences and easy access to regional transit options, including direct routes to nearby Tacoma and Seattle. Spanning over eight acres, this urban village community provides a wealth of on-property amenities and convenient access to nearby dining and shopping venues. Additionally, it offers proximity to numerous parks and recreational opportunities along the Puget Sound waterfront, including the renowned Chambers Bay golf course. The property’s prime location also provides residents with direct connectivity to key employers, contributing to the region’s status as one of the nation’s leading growth markets.

“We are thrilled to welcome residents to Alta University Place, as we extend our presence in the Pacific Northwest region,” said Dave Knight, Director at Wood Partners. “Being Wood Partners’ third development in the Seattle–Tacoma area, it gives me great pleasure to introduce Alta University Place. This modern suburban development exemplifies our commitment to building a variety of quality housing options that create community and improve people’s lives through uncompromised design, construction, and management of outstanding properties.”

Alta University Place offers 274 apartment homes, providing a mix of studio, one-, two- and three-bedroom floor plans, with an average area of 893 square feet, for residents to choose from. With contemporary design features, every apartment is thoughtfully equipped with top-tier finishes to create a warm welcome for residents. These finishes include elegant quartz countertops, stainless steel appliances, wood-style plank flooring, in-unit washer and dryer sets, air conditioning, and various other attractive touches.

Throughout the community, residents have access to an abundance of premium amenities, including a clubroom, fitness center, resort-style pool, outdoor grilling areas, and a spacious off-leash pet park.

Alta University Place is managed by Wood Partners. Visit www.altauniversityplace.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.

MARLBOROUGH, Mass., Nov. 14, 2023 /PRNewswire/ — National multifamily real estate development leader Wood Partners has officially announced the start of construction on Alta French Hill, the company’s latest upscale residential community, located in Marlborough, Massachusetts. Pre-leasing opportunities are set to commence in 2024, and the community is scheduled to welcome residents in February 2025.

Situated at 303 Lincoln Street and neighboring the Assabet River Rail Trail, Alta French Hill will provide residents with convenient access to Route 20 and I-495, allowing for easy travel throughout all parts of the city and the 495 corridor. The property’s prime location will also offer seamless access to a variety of everyday conveniences, such as Hannaford Supermarket, Starbucks, Dunkin Donuts, Walgreens, Planet Fitness, and Marlborough’s favorite shopping and dining destination, Solomon Pond Mall, featuring numerous stores and restaurants, and the Apex Entertainment Center, which offers 80,000 square feet of game and entertainment space. Additionally, residents of Alta French Hill will find themselves within walking distance to a diverse range of retail, dining, and entertainment options.

“Massachusetts has a housing shortage and we need new housing of all types,” said Ed Augustus, secretary of the Executive Office of Housing and Livable Communities. “The 276 apartment homes in this collaborative enterprise by Wood Partners, Marcus Partners and the city of Marlborough will provide a much-needed boost to housing in a key area of the city. The inclusion of 28 affordable units and use of a variety of sustainable and green technologies also exemplify a smarter way to build, while at the same time helping Marlborough comply with the MBTA Communities Law.”

Alta French Hill’s strategic location guarantees residents convenient proximity to a plethora of prominent employers in the vicinity. With easy access to major companies such as Quest Diagnostics, G.E. Healthcare, Raytheon, Boston Scientific, TJX Companies, Hologic, Sunovion, and more, residents will find themselves well-connected to the thriving employment landscape of the region.

“Backed by construction lender Eastern Bank and equity partner Marcus Partners, Alta French Hill represents a key milestone in our commitment to providing new and exciting housing options in Boston’s MetroWest. Following successes like Alta Union House in Downtown Framingham and Alta Oxbow in Wayland, this project strategically fills a crucial gap in Marlborough,” says Jim Lambert, Managing Director and Partner for Wood Partners. “Offering upscale housing within walking distance to Downtown sets us apart from previous commuter-centric developments along I-495, reflecting our dedication to enhancing the residential landscape in MetroWest.”

“This project reflects our commitment to partner with local communities and the Commonwealth to create critically needed housing,” said Levi Reilly, Principal and Head of Development for Marcus Partners. “At the same time, we appreciate the opportunity to do so in a meaningful way, using new technology to advance sustainability goals.”

Once construction is complete, Alta French Hill will offer 276 apartment homes, encompassing a diverse range of custom-designed floor plans, including one-bedroom, one-bedroom with den, two-bedroom, and three-bedroom apartments. 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.

Community residents can also enjoy a range of shared amenities, including a state-of-the-art fitness center, resident lounges, a tech lounge, and two beautifully landscaped courtyards with a swimming pool, games, grilling areas, and a dog park. Complementing these features, the property showcases nearly 10,000 square feet of retail space, inclusive of dedicated work-from-home offices. Looking ahead, Wood Partners intends to develop a 22-space surface parking lot and amenity building — both to be owned and operated by the City and accessible for public use.

About Marcus Partners
Marcus Partners is a vertically integrated real estate firm with a strong history of successful investment, management and development. The firm is headquartered in Boston, with regional offices in Metro New York and the Mid-Atlantic. The firm focuses on strategic and opportunistic investment strategies across industrial, multifamily, life science, and other property types where it can create value and maximize risk-adjusted returns. Marcus Partners and its affiliates own, control, operate or are developing 7M+ square feet of real estate and 1,700+ multifamily units. For more information, please visit www.marcuspartners.com

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 Partners has ranked No. 1 nationally for online reputation in the J Turner ORA™ Power Rankings (Division III). For more information, visit woodpartners.com.

Wood Partners, a national leader in multifamily real estate development, in partnership with PGIM Real Estate, today announced the grand opening of their latest residential community, Alta Town Center, located in Raleigh, North Carolina.

Located in Northeast Raleigh at 6501 Town Center Drive, Alta Town Center is situated in one of the Triangle’s fastest growing areas. With quick access to both I-540 and Capital Boulevard, residents will benefit from excellent connectivity throughout the Triangle. In addition, the community is located within minutes of an abundance of retail options.

“We are thrilled to see Alta Town Center come to life as we welcome residents to our new extraordinary property in Raleigh,” said Caitlin Shelby, Managing Director for Wood Partners. “We are confident that Alta Town Center will provide an exceptional living experience by combining high-quality amenities, comfortable homes, and a convenient location. We look forward to seeing residents thrive and create lasting memories here.”

Alta Town Center offers 336 apartment homes comprised of one-, two- and three-bedroom floor plans. Homes will feature stainless-steel appliances, granite countertops, tile backsplashes, in-unit washer and dryer sets, large walk-in closets, and sizeable balconies.

Alta Town Center also offers a wide range of attractive amenities, including a resort-style pool with poolside cabanas, outdoor grilling and lounge areas, outdoor fitness equipment, and an on-site pet park and pet spa. Inside the community club house, residents will enjoy a state-of-the-art fitness center, coworking spaces, and areas to mingle, such as the hospitality bar and game room.

PGIM Real Estate invested in Alta Town Center through Impact Value Partners (IVP), its private equity impact fund that invests in affordable housing and transformative development in the U.S.

For more information, please visit https://www.altatowncenter.com/.

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 Partners 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 PGIM Real Estate

As one of the largest real estate managers in the world with $206.8 billion in gross assets under management and administration,¹ PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.4 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).

PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,² and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.

¹ As of June 30, 2022, net AUM is $136.3 billion and AUA is $45.6 billion.
² Includes legacy lending through PGIM’s parent company, PFI.

SOURCE Wood Partners