Author: Baylee Snead

Chicago — Downtown’s high-rise boom is set to keep on rolling in the hot South Loop neighborhood as a new 33-story, 496-unit apartment tower dubbed Alta Roosevelt is expected to soon rise at the vacant lot at 801 S. Financial, located just south of Polk Street and west of the Metra rail tracks. The property’s previous owners included McCaffery Interests, the same group originally behind the construction of the mixed-use Roosevelt Collection development located just south of the planned rental tower.

Refreshingly, a portion of the development’s 348 parking spaces will be located below grade with the remaining spots slated for a relatively small three-story podium topped by a pool and amenity deck.

San Diego — Atlanta-based Wood Partners has entered the Downtown San Diego market with two residential projects. Wood Partners’ SoCal VP of development, Will Winkenhofer, who is among Downtown developers presenting at Bisnow’s San Diego’s 3rd Annual Evolution of Downtown tomorrow, tells us both projects are designed to accommodate professionals who work in nontraditional environments, as well as traditional offices. Will Winkenhofer The Rey is a 478-unit residential tower at 801 B St in the Cortez Hill neighborhood. The other project is an eight-story, 110-unit, luxury project at 1919 Pacific Coast Hwy in Little Italy.

He says Wood Partners entered the Downtown San Diego market because his company is focused on infill locations in core, urban, gateway cities. “Downtown San Diego has undergone an extraordinary transformation in the last decade. We are big believers in the future of downtown and are pleased to be a part of shaping the city’s skyline,” Will adds. “San Diego’s strong demographics, which include one of the nation’s largest Millennial cohorts, supports rental demand for years to come,” he says. Will also notes apartment demand is high because the high cost of San Diego homes and condos has pushed the homebuying decision out several years. He says the regulatory process has been made easier in Downtown SD and went very smoothly, for which he’s appreciative. “Downtown San Diego’s Planned Development Ordinance supports dense development within the context of smart growth and this, in turn, provides the regulatory certainty our firm needs to invest in sizable downtown projects,” Will adds.

One reason developers find Downtown SD a desirable place to develop is because Civic San Diego, the city’s planning agency, has taken the entire Downtown market through the environmental review process, cutting the entitlement process to six months or less. CCBG Architects/Wood Partners The Rey, which is Wood Partners’ first Downtown SD project, will offer a high-rise living experience with efficient floor plans and first-class amenities. “While our average unit sizes are smaller, our amenities have been well thought-out, and we are confident they will be a point of differentiation,” Will tells us. For example, the lobby doubles as a flexible co-working and social gathering space. Designed to support entrepreneurs and other home-based professionals by day, the space can be modified to host music, art and other community events in the evening. This is a somewhat unique feature integrated into many of Wood Partners’ properties, he says. “We try not to over-program common spaces, so they can be activated for different uses.” Will says the lobby bar has a working counter that functions like a Starbucks work center during the day, but can be used to host social events during the evening. CCBG Architects/Wood Partners Designed by the SD office of CCBG Architects, the 801 B St project, which is being developed in two phases, will ultimately include 955 residential units.

The Rey is the first phase, which Swinerton Builders will complete by year end, and includes 478 studio, one- and two-bedroom units, ranging from 450 SF to 1,100 SF. This project will provide 360-degree views from Balboa Park to the north, the San Diego Bay and Coronado Bridge to the west, and city lights looking south. “This was a unique project for us,” Will tells us. “We came in mid-stage after the project was entitled. We were somewhat limited in our ability to change the design of the building; however, we were able to make programming changes that we feel will enhance the overall resident experience.” This included rearranging amenities to create an indoor-meets-outdoor experience on the rooftop. “Given that our project was designed with a limited amount of indoor amenity space, we felt it was a natural decision to rethink our roof plan. “In a climate such as San Diego’s, outdoor space should be given equal consideration as indoor space.

With this in mind, we are investing heavily in the rooftop experience, adding gathering spaces on the rooftop pool and offering a unique outdoor cooking experience,” he adds, noting there will barbecue stations with a kitchen area, beverage coolers and long picnic tables. CCBG Architects/Wood Partners “To satisfy our requirement to provide ‘green roof’ space, we came up with a clever solution by adding multiple overhang structures that support our green roof, but double as shaded areas for our residents to socialize or relax by themselves both day and night,” Will says. The co-working space was the result of reprogramming, but communal spaces also were created to provide residents an opportunity to work outdoors in small or large groups, as well as in solitary spaces that provide privacy, he notes. “We’ll have an outdoor paseo with ample landscaping shade and a public plaza with seating and water features to provide a tranquil setting for both our residents and the public at large.”

Wood Partners converted two apartment units into a two-level fitness facility, which Will says will be open 24-7 and includes cardio and weight equipment and space for group training, yoga, spinning and video-on-demand training. “We put a lot of thought into our technology offerings,” Will says. The Rey will offer free WiFi and boosted cell service to ensure residents who work from home are connected and can communicate freely from anywhere in the building. Additionally, the Rey will offer parcel lockers for e-commerce deliveries.

Columbia, Md.—A key component of the redevelopment at Wilde Lake Village Center will break ground this month. Wood Partners LLC announced an approximately $45 million 230-unit multifamily community on 2.79 acres at Alta Wilde Lake in downtown Columbia, Md. Apartments will be available for lease in summer 2016.

The mixed-use community of Alta Wilde Lake will offer much-needed housing in a presently underserved affluent area. Columbia, situated in Howard County, was the top-performing submarket in suburban Maryland in 2013. Rents were growing by four percent in a time when many submarkets experienced no rent growth, according to Delta Associates’ Class A Apartment Market Report. “With few projects slated for delivery in this market over the next 36 months, we anticipate that occupancy will tighten and rents will likely continue to increase in 2015,” said Scott Zimmerly, director of the Mid-Atlantic Region for Wood Partners.

Howard County, located in the center of the Baltimore-Washington, D.C. corridor, shows off a median household income of $103,643 and is ranked the third wealthiest county in the United States by the U.S. Census Bureau. Columbia, a planned community made up of ten self-contained villages, is the second most populated community in Maryland after Baltimore.

Sited less than a half mile from The Mall in Columbia, Howard County Community College, Howard County General Hospital and excellent schools and recreational facilities, Alta Wilde Lake at 5420 Lynx Lane will include two five-story apartment buildings connected by a three-level sky bridge over Lynx Lane. The community will feature an expansive clubhouse with a sports lounge, café, business center and conference room, a pet spa, bicycle storage and maintenance room, a resort-style saltwater pool, a fire pit, an outdoor kitchen, grilling stations and a state-of-the-art fitness center and aerobic studio highlighting on-demand virtual fitness classes.

The property will also include nearly 5,000 square feet of ground-floor retail space and is located within the newly redeveloped Wilde Lake Village Center, comprising about 60,000 square feet of retail and 30,000 square feet of office space.

JDavis Architects designed the project. Wood Partners is the general contractor and Wood Residential Services will be managing the community once it’s complete.

PHOENIX, AZ – Wood Partners, a national leader in multifamily real estate development, management and acquisition, announced that leasing has begun at its Alta Paradise Ridge community in Phoenix, Arizona.

The new 278-unit luxury community is ideally located between Phoenix and Scottsdale and offers impressive scenic desert and mountain views. The rental homes provide a prime setting to support the active lifestyles of the community’s renter. Residents are able to take advantage of the short walking distance to Whole Foods, Harkins, and many dining and entertainment options. The Mayo Clinic, Scottsdale Quarter and Desert Ridge are also nearby. The community’s convenient freeway access allows residents to easily connect to greater Phoenix.

“When creating Alta Paradise Ridge, it was important to us that we offer residents an unparalleled living experience,” said Todd Taylor, development director for Wood Partners in Arizona and Nevada. “Our internal design process has continued to create beautiful multifamily units with fully-equipped, elegant amenities attractive to young professionals, families and empty nesters.”

Each unit includes a large quartz kitchen island, stainless steel appliances and wood style flooring, creating a functionally dynamic environment for cooking and entertaining. USB outlets, gigabit internet speeds and Bluetooth speakers seamlessly connect residents and their technological devices directly to their home.

Exclusive community amenities have also been incorporated to match the lifestyles of the Alta Paradise Ridge’s targeted audiences including a 24-hour fitness center, personal training, and yoga and spin rooms. Residents are also able to enjoy a wide range of opportunities for collaboration and relaxation in inviting spaces that include a clubhouse with an 11-foot television, a beach entry pool overlooking a private reserve, private dining room, and a rooftop terrace.

“More than just a place to live, Alta Paradise Ridge connects residents to the vibrancy of Phoenix and their community,” added Taylor. “We are proud to offer a top-tier living experience with a unique sense of place and culture to our targeted renter.”

WASHINGTON, DC – Wood Partners, a national leader in multifamily real estate development and acquisition, announced they have begun demolition on the two-story office building located at 33 N Street NE in order to make way for an ultra-luxury apartment community.

Situated in Washington D.C.’s dynamic NoMa neighborhood, this cutting-edge community will boast an ideal location, offering residents a sophisticated and connected living experience while setting a new standard for luxury high-rise apartment living in Northeast D.C. With views of the U.S. Capitol, this yet-to-be-named project is also steps away from the Metro’s red line and Union Station.

“NoMa has become one of D.C.’s most stable employment centers, which is fueling an increasing demand for apartments, nightlife, restaurants and popular retail,” said Scott Zimmerly, Director for the Mid-Atlantic region of Wood Partners. “The high-rise’s prominent position offers superb visibility, and the convenience of being located two blocks from the Red Line and encompassed by New York Avenue, Florida Avenue, North Capitol Street and I-395 is unsurpassable.”

This new community will be located within walking distance to many of the District’s most exciting and innovative retail destinations, all while nestled in a neighborhood rich with D.C. history. A variety of shops and entertainment options, including a Landmark movie theatre, are planned for an adjacent mixed-use project that is expected to break ground this summer. Additionally, REI will open its first D.C. location at the NoMa flagship store on track to join the neighborhood in the coming months.

NoMa also houses several of the District’s prominent employers, including the Bureau of Alcohol, Tobacco, Firearms and Explosives headquarters, National Public Radio headquarters, Mathematica Policy Research headquarters, SiriusXM, CNN and Google, to name a few. With many others moving in, most notably the more than 800,000 square foot Department of Justice office set to open later this year, the location of this community is especially appealing to those looking for an easy commute.

“Living in NoMa offers residents an ideal mix of convenient access, nearby necessities, like a Harris Teeter grocer, and distinct local amenities,” added Zimmerly. “The area’s network of parks, unique neighborhood events and proximity to transformative retail like Union Market, all a short walk away, creates a submarket with a sense of community appealing to the young professionals that we are targeting.”

The 346-unit luxury high-rise community will include a thoughtful mix of studio, one-bedroom, and two-bedroom units, and will also offer a select number of micro units and two-level suites. Units will feature natural hardwood floors, quartz countertops and impressive floor-to-ceiling windows. The custom-designed amenity spaces will draw residents to the open and inviting layouts that provide opportunities for interaction and foster a true sense of community. Residents will be able to nestle into the plush furniture and enjoy a good book by the fire, challenge friends to a game of shuffleboard or kick-start the weekend with a good sweat in the fully equipped fitness center. When the weather is right, the rooftop will offer incredible views while poolside or from the luxury of private resort-style cabanas. And working from home can be social and collaborative in the expansive co-working space.

“We turned to our thorough and thoughtful design process to envision a unique place that will offer residents a higher quality of life,” said Zimmerly. “By creating a sanctuary for our future residents, we are aiming to build an environment that is dynamic, inviting and relaxing, all at the center of what NoMa has to offer.”

Construction is expected to begin this March, with the first units anticipated first quarter of 2018.

AURORA, Colo.–(BUSINESS WIRE)–Wood Partners, a national leader in multifamily real estate development and acquisition, announced today the acquisition of a new property in the Denver suburb of Aurora, Colorado. The 420-unit multifamily community, coined The Grove at City Center, is located in central Aurora near major shopping areas, office buildings and a future light rail station.

“The Grove at City Center is a strong value-add opportunity that we are thrilled to add to our growing portfolio in the greater Denver area,” said Jane Maushardt, Wood Partners’ Director of Acquisitions. “The Grove is an excellent example of Wood Partners’ strategic approach to identifying well-located, value-add opportunities in growing regions that appeal to a wide variety of our target renters.”

The three-story property features one- and two-bedroom units, a leasing office, a pool and fitness center, as well as newly modernized common spaces. Wood Partners plans to continue renovations started by the previous owners by upgrading the unit interiors with high-end finishes.

“Through thoughtful design, capital improvements and sound property management, we look forward to bringing this well-positioned asset to its full potential to meet the level of other similar assets in the submarket and achieve our strategic investment goals,” said Maushardt.

The Grove is located in the growing suburb of Aurora, located 20 minutes east of Denver city center near the I-225 corridor. The property offers residents easy access to major employment centers including the Anschutz Medical Campus, Fitzsimons Innovation District, Denver Tech Center and Denver International Airport.

The Grove is less than one-half of a mile from what will be the Aurora Metro Center Rail Station. Scheduled to open in mid-2016, the station will transform Aurora by connecting the city to the Denver metropolitan area. The 10.5 mile I-225 Rail Line will function as Aurora’s “Main Street” and, the I-225 track includes transfer stations allowing riders to connect to all stations with the RTD FastTrack’s system.

Lakewood — Atlanta-based real estate company Wood Partners announced today that it intends to build an apartment complex on 19.2 acres in Lakewood, near the Pinehurst County Club.

Alta Pinehurst will be located at 3950 S. Wadsworth Blvd. and will include 350 apartment units built in a garden-style configuration.

Wood Partners intends to have the units ready for move-in by fall 2017, and the apartments will average 965 square feet.

“Residents will have convenient access to major employers as well as numerous retail and dining options at the Southwest Plaza mall and Belmar, among others,” said Jack Kachadurian, vice president of development for the Denver and Rocky Mountain regions at Wood Partners.

Wood Partners acquired the land from an undisclosed seller, which was represented by ARA, A Newmark Company.

MELROSE, MA – Wood Partners, a national leader in real estate development and acquisition, has announced they have broken ground on a new development in Melrose, Massachusetts. Located close to downtown Melrose and Boston, this community will offer residents the best the region has to offer.

“37 Washington is our third property in the area, allowing our team to greatly understand the needs of our renters and the strategic advantage to investing in this rapidly growing area,” said Carolyn Zern, Vice President of Development for Wood Partners. “The overall design for this community offers an attractive option to renters in close proximity to Boston and a high quality of life for those within our community.”

Featuring classic design with modern touches, these attractive units will aim to enhance the living experience of professionals and young families. Beautiful amenities, such as granite countertops, stainless steel appliances, in-unit laundry and walk-in closets, are the result of Wood Partners’ thoughtful design process. The property will also feature a courtyard with a fire pit, outdoor grills and seating, creating a backdrop to promote interaction and a shared sense of place.

Strategically located, this development is steps away from Middlesex Falls Reservation where residents will be able to enjoy miles of trails and open space. Additionally, downtown Boston is easily accessible via the T with the Oak Grove stop just a five minute walk from the property, allowing residents to enjoy the unique offerings of the city. Families will find child care facilities across the street, and Main Street in Melrose is nearby, offering residents a walkable destination with shops, restaurants and entertainment.

“The community’s prime location will connect our residents to the cultures of both Melrose and Boston,” said Zern. “We look forward to offering luxurious spaces that integrate well with the neighborhood and offer an exceptional living experience.”

Leasing is expected to begin November 2016, with the community scheduled to open in December 2016.

MAGNOLIA PARK, Fla.–(BUSINESS WIRE)–Wood Partners, a national leader in real estate development and acquisition, announced today that it had closed earlier this month on a 19.32-acre site in thriving southern Hillsborough County where a new luxury apartment community is currently under construction by the developer. Located within the Magnolia Park Planned Development, Alta at Magnolia Park is conveniently located in close proximity to a variety of retail, entertainment and recreation destinations, as well as access to the area’s major employment centers via nearby access to transportation arteries.

“The Brandon/Riverview submarket has experienced rapid growth as of late, and we believe Alta at Magnolia Park is well-positioned to build upon that momentum,” said Wood Partners’ North Florida Development Director Bryan Borland. “This submarket is unique in that it offers immediate access to a wealth of desirable amenities at a great value, making it an attractive option for young professionals, families and empty-nesters.”

Alta at Magnolia Park will include a total of 292 one-, two- and three-bedroom units in a garden-style setting. With an average unit size of 980 square feet, the residences are generously sized and will feature high-end finishes, including granite countertops, stainless steel appliances, island kitchens and vinyl plank flooring in all kitchens, bathrooms and living areas. The modern design also boasts a clubhouse integrated into a four-story, manor-style building which will include a cyber café, sports lounge, game room with billiards and kitchen/bar seating, and a fitness center. Outdoor amenities will include a resort-style pool with covered outdoor grilling and seating areas, an expansive dog park and game lawn.

“As we strive to do with all of our developments, our team has collaborated to design a distinctive and inviting community which will serve the needs of an increasingly selective renter,” said Borland. “Alta at Magnolia Park will offer our residents a luxury alternative in a suburban setting, with all the benefits of downtown Tampa available within a 10-minute drive.”

With convenient access to the Lee Roy Selmon Crosstown Expressway via nearby I-75, the site offers easy access to downtown Tampa, as well as a variety of retail destinations in nearby Brandon, including a 1.1 million-square-foot regional shopping mall and numerous other big box retail stores.

The new community aims to serve a rapidly-growing workforce population in the Tampa area, including USAA’s new campus located less than five miles away, which is slated to add up to 1,215 jobs by 2019.

Construction is currently underway. The first units will be available for occupancy in late 2016, and construction is expected to be completed in summer 2017.

Wood Partners, a national leader in real estate development and acquisition, announced plans today for a new, unique 225-unit community, 3rd and Thomas. Located in Midtown Phoenix, the property will offer convenient access to bustling retail, dining, entertainment and recreation options, as well as to the neighboring Museum District, North Central and Downtown Phoenix areas.

“Strategically set in the heart of Midtown with convenient light rail and freeway access, 3rd and Thomas is centrally located to connect residents to both downtown and the best of what this vibrant neighborhood has to offer,” said Todd Taylor, development director for Wood Partners in Arizona and Nevada. “Phoenix is one of the fastest growing metropolitan areas in the nation, and this property presents an exciting opportunity to create another cutting-edge, walkable community that’s attractive to our target demographic, which includes both young professionals and empty nesters alike.”

3rd and Thomas will also feature extensive community amenities, including an inviting clubhouse and Wi-Fi lounge. A state-of-the-art fitness center, pool and bike paths will provide on-site recreation opportunities, and a sky deck will offer a place to enjoy Phoenix’s signature sunsets. For added convenience, the property is designed to be bike friendly, providing ample bike parking for residents.

“Drawing inspiration from the neighborhood, 3rd and Thomas will create a distinct foundation for community while reflecting the culture of Midtown. Thoughtfully designed units, unparalleled cultural programming and a prime location will aim to enhance our residents’ lives in a very unique fashion, as we’ve successfully achieved in our other projects,” added Taylor.

3rd and Thomas is one of four recent Wood Partners’ developments in the growing region including Alta Tempe, Alta Scottsdale and Alta Steelyard Lofts. Demolition on 3rd and Thomas will begin in the coming days, and groundbreaking is scheduled to occur this December.

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.

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.

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 14^th.

“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.