Author: Baylee Snead

SANTA ANA, Calif.–(BUSINESS WIRE)–Wood Partners, one of the nation’s leading real estate developers, announced plans today for a new, 182-unit project in Santa Ana, California. Located within the Main Place neighborhood in North Santa Ana, the site for development is in a unique pedestrian-friendly area close to retail and entertainment venues, as well as area hospitals.

“With an emphasis on creating distinct common and gathering areas, creating a backdrop for culture and community will be key to this project”

“We are excited by this opportunity to build in Santa Ana,” said Wood Partners’ Director of the Western Region, Brian Hansen. “With a large number of young professionals and families in the area, we look forward to creating another innovative, modern and walkable community for residents to call home.”

The development will be built around three courtyards, each featuring an original feel, including a resort-themed pool, an entertainment and gaming courtyard and a relaxing garden. Units will offer an array of luxury amenities including hardwood floors, stainless steel appliances, balconies and finishes often found in high-end condominiums. A variety of community spaces will also be included in the designs, ranging from a fitness center and social lounge to productive and flexible work and study spaces with high-speed Internet and media conferencing capabilities.

“With an emphasis on creating distinct common and gathering areas, creating a backdrop for culture and community will be key to this project,” said Will Winkenhofer, Vice President of Development for Southern California, Wood Partners. “We want this project to reflect the vibrancy and energy of Orange County, and we are truly excited to see our vision come to life over the next two years.”

Groundbreaking occurred mid-September 2015, with occupancy expected in summer 2017.

Seattle, WA (September 22, 2015) – Wood Partners announced the sale of its high-rise apartment building in downtown Seattle, Dimension, earlier today. The 27-story, 298 unit, luxury property went on the market on in June of this year and sold to Heitman Real Estate Investment Management.

“Dimension is another example of an integrated business model that Wood Partners has successfully employed to create a unique and beautiful asset,” said Brian Hansen, Western Region Development Director for Wood Partners. “Connecting residents to the true Seattle culture and creating a backdrop to foster culture was a main focus of this development and its success within the community is a testament to those efforts.”

Dimension is located on the corner of Cedar and 3rd in Seattle’s popular Belltown neighborhood and was designed by Hewitt Architects of Seattle. The building is comprised of European-style studio, one- and two-bedroom apartments and is in close proximity to conveniences, transit, nightlife and major technology employers Amazon.com and Microsoft.

“Through an extensive research process involving marketing, design and operations, our team worked in a powerfully collaboratively environment while developing Dimension to ultimately produce an exceptional building,” said Steve Yoon, Wood Partners’ Development Director for the Pacific Northwest. “A highly thoughtful design process resulted in modern units and amenities that clearly matched the desires of our target demographic.”

Dimension also featured The Ground Floor Project – a design and programming concept located on the first floor of the building – which was created to provide a functional backdrop for cultural activities featuring local musicians, artists, and Dimension’s residents. This concept debuted at Wood Partners’ project in downtown Los Angeles, and is planned to be featured at other projects in the coming months, as well.

For more information about Dimension, visit DimensionSeattle.com.

About Wood Partners

Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 53,000 homes with a combined value of more than $8.3 billion nationwide. The company currently owns more than 75 properties with a combined total of 21,000+ units. Wood Partners has offices in 18 major markets nationwide including Atlanta, Austin, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Chicago, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website, WoodPartners.com.

SMYRNA, Ga. – September 10, 2015 – The first residents have begun moving into Alta Belmont, a new 274-unit luxury apartment community by Atlanta-based Wood Partners that offers the only residential rental option within Belmont, a 48-acre mixed-use development by Halpern Enterprises in Smyrna.

Wood Residential Services, Wood Partners’ property management division, is managing the property, which is actively leasing and expected to be complete by December.

“We anticipate that availability will remain low in this community because of its appeal and prime location,” said Bennett Sands, Wood Partners director for Atlanta. “Belmont is Smyrna’s first Central Living Community, featuring both multifamily and single-family homes, as well as shopping, dining and entertainment options. It’s the ideal location for people who want to be near it all and have easy access to neighboring communities.”

Twenty minutes from the airport and two miles from the new Braves’ stadium currently under construction, Alta Belmont is only 10 miles from downtown Atlanta with its robust employment and cultural opportunities. This dynamic development at the intersection of Windy Hill and Atlanta Road includes The Shops at Belmont, a 47,593-square-foot neighborhood retail center, and is steps away from the brand new Smyrna Elementary School and the Smyrna Community Center with its indoor sports courts, track, fitness area and game room.

The luxury apartments at Alta Belmont feature distinctive floor plans, high-end amenities and exclusive access to community conveniences like a salt water aqua lounge with a beach-entry sun deck, grilling station, resident lounge and fitness club with space for yoga, spin classes and meditation.

A smoke-free community, Alta Belmont also incorporates environmentally friendly features including ENERGY STAR®-rated appliances, double-pane windows and programmable thermostats.

Residents can choose from studios or one-, two- and three-bedroom apartment homes with distinctive floor plan options that include a two-bedroom carriage home with an attached garage. Interior features include granite countertops, stainless steel appliances, tile backsplashes and hardwood plank-style flooring.

Through the Alta Advantage Program, Alta Belmont residents also will enjoy preferred status and receive exclusive discounts and services from neighboring businesses, retailers and restaurants.

This project is Wood Partners’ 22nd multifamily community in Georgia, where the Atlanta-based national multifamily investment firm has added more than 6,500 units to the state’s housing stock.

Additional information is available at www.altabelmont.com.

About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 53,000 homes with a combined value of more than $8.3 billion nationwide. The company currently owns more than 75 properties with a combined total of 21,000+ units. Wood Partners has offices in 18 major markets nationwide including Atlanta, Austin, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Chicago, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website, www.woodpartners.com
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PHOENIX – August 31, 2015 – Wood Partners, LLC has broken ground on Alta Fillmore, a 4.1-acre multifamily community located on Fillmore Street in the heart of downtown Phoenix that will offer 230 units with superior amenities and high-end finishes in the middle of an incredible array of walkable amenities and employment opportunities. Leasing is expected to begin in the third quarter of 2016, and Wood Partners expects the project to be completed by the first quarter of 2017.

“Alta Fillmore will offer residents a unique value proposition that includes excellent walkability and bike-ability to the unique amenities found in downtown Phoenix,” said Todd Taylor, Wood Partners’ development director for Arizona and Nevada. “Additionally, residents will enjoy cutting-edge amenities and unit finishes at an attractive price point.”

The community, designed by Biltform to appeal to the 80,000 professionals who work in downtown Phoenix, will offer apartments at more attainable rates than other rentals in the area. It will consist of two four-story buildings offering one-, two- and three-bedroom units ranging from 671 to 1,525 square feet with granite countertops, stainless steel appliances, vinyl plank flooring and many locally sourced materials. Alta Fillmore will include a clubroom and bar area, fitness center, resort-style pool and 337 parking spaces.

Wood Partners Construction Services is the general contractor. Wood Residential Services, Wood Partners’ property management division, will manage the property.

This project is Wood Partners’ 10th multifamily community in the Phoenix metro area, where the national multifamily investment firm has added more than 2,900 units to the area’s housing stock.

According to the National Association of Home Builders’ formula to determine the local impact of adding rental housing in typical metro areas, adding 230 rental apartments will generate $37.4 million in local income, $7 million in taxes and other revenue for local governments and 141 local jobs.

About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 53,000 homes with a combined value of more than $8.3 billion nationwide. The company currently owns more than 75 properties with a combined total of 21,000+ units. Wood Partners has offices in 18 major markets nationwide including Atlanta, Austin, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Chicago, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website, www.woodpartners.com and follow our social media accounts, Twitter, Facebook, LinkedIn and Apartment Life Blog.
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MELROSE, Mass.–(BUSINESS WIRE)–A new luxury apartment building opened today, Monday, August 24^th, in one of Boston’s fastest growing suburbs, Melrose, MA. 2 Washington, located approximately seven miles north of downtown Boston, includes 94 luxury units as well as a 24-hour fitness center, a roof deck, a clubroom with a genius bar, a shuffle board table, and a fireplace, as well as outdoor grills and a fire pit according to developer, Wood Partners.

“While its proximity to Boston and both the Orange Line and commuter rail is a huge draw, Melrose attracts residents because it truly feels like a small-town community. Wood Partners is thrilled to continue our relationship with Melrose and to be a part of the fabric of the neighborhood.”

“2 Washington is a unique community where residents are offered the perfect blend of city access, high-end finishes, and outdoor tranquility,” said Carolyn Zern, Vice President of Development at Wood Partners. “By leveraging an integrated development approach, we were able to combine luxury amenities, superior design and a community feel all in close proximity to central Boston, making it an ideal location for anyone from singles to young families looking for a balanced lifestyle. We want residents to feel pampered by the spaces we have created while knowing that they can walk out their door and be downtown or on a hiking trail in minutes.”

The Boston suburb of Melrose, where 2 Washington is located, was recently ranked the number one hottest zip code in the nation by Realtor.com. 2 Washington is a short walk to the MBTA Oak Grove T station on the Orange Line, just six stops outside of central Boston, and three stops from Assembly Row – a lifestyle center in Somerville which houses everything from a Legoland and a movie theater to restaurants and shopping.

In addition to providing residents with the ease of public transportation and access to the heart of downtown Boston, 2 Washington is located just a few blocks away from the Middlesex Fells Reservation, a massive 2,000+ acre state park offering hiking and biking trails and a boating pond. Residents also have access to restaurants and retailers in downtown Melrose only 1.25 miles away from 2 Washington.

“Melrose is a special town,” said Zern. “While its proximity to Boston and both the Orange Line and commuter rail is a huge draw, Melrose attracts residents because it truly feels like a small-town community. Wood Partners is thrilled to continue our relationship with Melrose and to be a part of the fabric of the neighborhood.”

2 Washington offers 1 and 2 bedroom units complete with modern finishes as well as a clubroom, rooftop deck and outdoor spaces. 2 Washington is located near the Orange Line, the commuter rail, and I-93, providing easy access to downtown Boston, Burlington and Waltham, MA. The property is now accepting lease applications. For more information, visit www.live2washington.com.

DENVER, Colo. – August 25, 2015 – Wood Partners, LLC. is now leasing all 280 apartments at Alta City House, a five-story mid-rise apartment community in the heart of Denver’s Union Station/Riverfront Park redevelopment. The $62 million luxury development at 1801 Chestnut St. is complete and already 78 percent leased.

Wood Partners developed Alta City House along with East West Partners, the developer of Riverfront Park and the Union Station neighborhood, and USAA Real Estate Company.

Wood Residential Services , Wood Partners property management division, is managing the property.

“Alta City House is a high-profile project just west of Union Station, at the hub of the Denver metro area’s light rail system,” said Tim McEntee, director for Wood Partners’ Rocky Mountains region. “Overall, we’re very pleased with how well it has been received. It’s an exciting, high-profile project, and we really amped up the amenities.”

Alta City House, which qualified for LEED Gold in the U.S. Green Building Council’s certification program, includes one- two- and three-bedroom apartments in a five-story wrap structure with a garage on slightly less than three acres. One-bedroom units range from 645 to 825 square feet; two-bedroom units from 991 to 1,227 square feet; and three-bedroom townhomes are 1,300 square feet. The community includes 1.4 parking spaces for every unit, a much higher ratio than comparable nearby communities.

Residents at Alta City House will have access to a wine locker, two-story fitness center, cyber café, two-story club room, game room, a large roof deck with a year-round outdoor kitchen facility and a striking view of Coors Field. There are two large outdoor courtyards, one with a large pool area and an outdoor fireplace. Wood Partners expects the pool and landscaping to be completed by March.

Wood Partners and East West Partners previously collaborated on the highly successful Glass House high-rise condominium project in Riverfront Park in 2007. In addition, Wood Partners long envisioned the new Alta City House, its third development in the Denver area, as a complementary development. Alta Aspen Grove, Wood Partners’ second Denver project, is the first stick-frame market-rate apartment community to be certified under LEED for Homes in Colorado.

Located on a full block between 18th and 19th streets and Chestnut Street, Alta City House is at the base of the pedestrian bridge on 18th Street, within 100 feet of the new light rail station just west of Union Station and just blocks from the new train to Denver International Airport, projected for completion in 2016. The new community is just a few short blocks from the Platte River Greenway’s access to more than 120 miles of bike trails.

Wood Partners is leading the construction effort. Paul T. Bergner Associates is the architect; Harris Kocher Smith is the civil engineer; and Norris Design is the landscape architect and land planner for Alta City House.

About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 53,000 homes with a combined value of more than $8.3 billion nationwide. The company currently owns more than 75 properties with a combined total of 21,000+ units. Wood Partners has offices in 18 major markets nationwide including Atlanta, Austin, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Chicago, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website, www.woodpartners.com

About USAA Real Estate Company
With over $12 billion in assets under management, USAA Real Estate Company provides co-investment asset management services to U.S. pension funds, as well as to foreign and domestic institutional investors. USAA Real Estate Company also provides capital to partners for development. The portfolio consists of office, medical office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.

About East West Partners
East West Partners is a family of related but independent companies devoted to building, selling, managing and supporting high-quality real estate in the communities in which they operate. East West Partners was founded in 1986 with the purchase of a piece of land in Beaver Creek. Today, that development is the cornerstone of a portfolio of projects in resort & urban destinations across the United States. East West Partners’ development history includes hotels, condominiums, fractional ownership, spas, golf courses, restaurants, retail and clubs. In all, East West Partners has developed more than 60 projects comprising more than $3 billion of residential and commercial real estate. In 2011, one of its signature developments, Riverfront Park, won the ULI Award for Excellence: Americas. To learn more about East West Partners, please visit our website at www.eastwestpartners.com

ATLANTA–(BUSINESS WIRE)–In a move to further capitalize on its rapidly burgeoning acquisitions efforts, Wood Partners has hired 20-year real estate industry veteran Brian Earle to lead its national acquisitions group, building upon the Atlanta-based developer’s expanding $4 billion portfolio.

“Our intention is to aggressively expand our acquisitions portfolio platform to provide additional investment opportunities across the risk spectrum–from core to value-add to opportunistic.”

A 20-year veteran with a strong background in acquisitions and portfolio management, the Manhattan-based Earle comes to Wood Partners after having served as managing director in the Real Estate Group of Ares Management where he most recently managed a $400 million Multifamily Separate Account and was integral in expanding Ares’ multi-family portfolio by more than 10,000 units since 2010.

Wood Partners launched its acquisitions platform in 2010 and has experienced significant growth since that time, acquiring more than $1 billion of value-add, multifamily assets, and it has become a key element of the organization’s national strategy in the process.

“Brian is a fantastic addition to our senior team and our acquisition business. He brings a set of skills, particularly around capital raising, that will complement and improve our position within the acquisition space. We are very fortunate to have him as part of our partnership,” stated Wood Partners’ CEO, Joe Keough.

“Wood Partners is clearly a leader in the industry, and with its impressive depth of market intelligence, top-notch bench strength and powerfully collaborative partnership structure, I am thrilled with the opportunity to lead its acquisition efforts,” Earle said. “Our intention is to aggressively expand our acquisitions portfolio platform to provide additional investment opportunities across the risk spectrum–from core to value-add to opportunistic.”

In his new role, Earle will initially be focused primarily on value-add acquisitions, many of which have been constructed since 2000 and have been opportunistically identified as needing both interior and exterior upgrades and renovations.

“We’ve identified a large number of attractive acquisitions opportunities nationally. Our targets are well-located, but despite this fact, we’re seeing accompanying rents being eclipsed by newer, and often inferiorly located properties,” he said. “Through thoughtful and impactful upgrades, we believe we can not only close the relative rent gap but also offer homes and amenities comparable to more recently constructed properties.”

During the past 15 years, Atlanta-based Wood Partners has become one of the most active and progressive multifamily investment firms in the nation and has been involved in the acquisition and development of more than 53,000 homes with a combined value of more than $8.3 billion. The company currently owns more than 75 properties with approximately 21,000 units.

Salt Lake City—Multifamily developer Wood Partners has begun construction on its first development project in Utah. Expected to start leasing in fall of 2016, Alta Gateway will be a 277-unit apartment community in Salt Lake City, situated next to a downtown urban redevelopment called The Gateway.

A hallmark of Alta Gateway will be a top-of-the-market amenity package, including a rooftop deck and cyber café. The amenities are designed to appeal to urban professionals hamstrung by an outdated downtown housing market.

Situated near EnergySolutions Arena, the home of the NBA’s Utah Jazz, and near the Salt Palace Convention Center, The Gateway is a 40-acre retail, office and entertainment hub on the west side of downtown.

Included in the open-air complex are more than 100 stores, a planetarium, children’s museum, concert venue, 12-screen cinema and the Winter Games’ Olympic Plaza. Alta Gateway, at 100 South and 500 West, is steps from a light rail line stop and less than a block from the Salt Lake City Intermodal Hub.

That multi-modal transportation center is served by Utah Transit Authority’s light rail, commuter rail, bus systems, Amtrak and Greyhound.

Other area luxury apartment communities offer far fewer amenities than are planned for Alta Gateway. The property’s expansive rooftop deck will feature a resort-style pool and spa, TVs, fireplace and outdoor kitchen. A community clubroom for socializing and entertaining will also be part of the rooftop deck.

When not accessing the Internet at the cyber café, residents can work out at a private fitness center or walk their dogs through an outdoor park. An onsite workshop will allow them to tune their bicycles or skis. Finally, Alta Gateway will feature a wine cellar expressly designed for the community‘s wine aficionados.

Utah is the home state of Tim McEntee, director of Wood Partners’ Rocky Mountain and Midwest Region. His more than two-decade search for a development foothold in Utah is culminating in the development of Alta Gateway.

“I still have family and friends in Utah, so this accomplishment is personal for me,” said University of Utah graduate McEntee. “Downtown Salt Lake City is coming of age, with robust employment, sophisticated shopping and entertainment and one of the finest mass transit systems in the country, thanks in part to the 2002 Winter Olympics.”

Director of the Alta Gateway development Clay Iman predicts Alta Gateway will be “hugely attractive” to young professionals and couples who want to partake of an active urban lifestyle. “The housing market in Salt Lake City has traditionally been suburban, but we believe job growth and infill development have fueled a strong demand for housing downtown, and capital is available to fund it,” he said.

Added McEntee: “This is Wood Partners’ first development in Utah, but we certainly hope it won’t be our last. We are absolutely interested in building a stronger presence in this market and becoming an active part of the community my family has called home for more than 50 years.”

Wood Partners, one of the nation’s most active multifamily developers, has broken ground on its first project in Salt Lake City, a 277-unit apartment community adjacent to a thriving urban redevelopment called The Gateway.

Alta Gateway, expected to be available for lease in fall 2016, will offer top-of-the-market amenities from a rooftop deck to a cyber café in a downtown housing market that is dated with scarce availability for urban professionals.

For Tim McEntee, director of Wood Partners’ Rocky Mountain and Midwest region, it’s the culmination of a 22-year search for a development foothold in his home state.

“I still have family and friends in Utah, so this accomplishment is personal for me,” said McEntee, a Utah native and graduate of University of Utah, which is just 10 minutes away from Alta Gateway. “Downtown Salt Lake City is coming of age with robust employment, sophisticated shopping and entertainment and one of the finest mass transit systems in the country, thanks in part to the 2002 Winter Olympics.”

The Gateway is a 40-acre, open-air retail, office and entertainment complex on the west side of downtown next to the Utah Jazz arena and the convention center. The Gateway includes over 100 stores, a planetarium, a children’s museum, a concert venue, a 12-screen movie theater, and the Olympic Plaza from the Winter Games.

Alta Gateway, located at 100 South and 500 West, is next to a light rail line stop and is less than a block from the Salt Lake City Intermodal Hub, a $50 million multi-modal transportation hub that is served by Utah Transit Authority’s light rail, commuter rail, and bus systems as well as by Amtrak and Greyhound.

Amenities at Alta Gateway will be significantly more than those offered by other luxury apartment communities in the area. The property will feature a spacious rooftop deck with a resort pool and spa, TVs, fireplace and outdoor kitchen, as well as a community clubroom for socializing and entertaining. Residents can work out at a private fitness center, access the Internet at the cyber café, walk their dogs in an outdoor park and tune their bikes — or skis — at the onsite workshop. There’s even a wine cellar for resident connoisseurs.

“We believe that Alta Gateway will be hugely attractive to young professionals and couples who want to live an active urban lifestyle,” said Clay Iman, director for the Alta Gateway development. “The housing market in Salt Lake City has traditionally been suburban, but we believe job growth and infill development have fueled a strong demand for housing downtown, and capital is available to fund it.”

Wood Partners leads the construction effort, overseeing local, third-party general contractor Rimrock Construction. The joint lenders on the project — assembled by Clay Iman of Wood Partners — are Comerica and Banner Bank. Rick Davidson at Newmark Grubb was the broker in the transaction.

“This is Wood Partners’ first development in Utah, but we certainly hope it won’t be our last,” McEntee said. “We are absolutely interested in building a stronger presence in this market and becoming an active part of the community my family has called home for over 50 years.”

Denver—Wood Partners LLC announced that Jack Kachadurian, a multifamily investment and development specialist, has been hired as vice president of development for the Denver and Rocky Mountain markets. Kachadurian is based in Wood Partners’ Denver office.

Since launching its Denver office eight years ago, Wood Partners has developed six apartment communities with more than 1,300 units in the Denver metro area and plans to close a seventh. After a brief respite to analyze absorption rates and the current market, Wood Partners is prepared to increase its development pipeline.

A graduate of Regis University in Denver, Kachadurian is pleased to return to Colorado after spending several years in Chicago. Before he joined Wood Partners, Kachadurian was a senior associate with Pritzker Realty Group in Chicago where he assisted with the closings of land acquisitions and development of over 2,000 units in various markets around the country. Kachadurian also served as an investment sales real estate analyst for Holliday Fenoglio Fowler L.P in Chicago.

Kachadurian earned a bachelor’s degree in finance and management from Regis University and is a member of the Urban Land Institute Young Leaders Group and the National Multifamily Housing Council Emerging Leaders Group.

First Post-Recession Luxury High-Rise to Be Built and Sold in Downtown Attracts Record Price for Apartment Community

LOS ANGELES, CA, Feb 27, 2015 (Marketwired via COMTEX) — Wood Partners announced today that is has sold 8th+Hope, a 22-story, 290-unit luxury glass high-rise in the core of downtown Los Angeles, to Essex Property Trust for $200 million. The .7-acre complex is one of the first post-recession high-rise apartment buildings to be built and listed for sale in downtown Los Angeles.

There was extremely high interest in the sale by investors, according to Wood Partners, and the price per square foot paid for 8th + Hope exceeds any previous sales for multifamily projects in downtown Los Angeles.

“We started developing this project in early 2007 when the vision of a revitalized downtown was a still a question in many people’s minds,” said Frank Middleton, Wood Partner’s Western Region Development Director. “As we came out of the downturn, we began integrating design and marketing roles into the development process with the objective of unlocking value for our residents by creating better communities. It was exciting to roll this out while also participating in the coming of age of the downtown market.”
The property is an integral part of the revitalization of downtown L.A., which has seen a surge of commercial and residential development, as well as entertainment venues, in recent years. It includes about 4,300 square feet of retail space on the ground floor and scores 96 out of 100 on walkscore.com.

“A lot of positive development and investment activity is taking place in downtown Los Angeles right now,” said Brian Hansen, California Director for Wood Partners. “8th+Hope has played an important role in this exciting revitalization, and we were active participants in making the area a walkable, livable and connected community with an indoor-outdoor connection in an urban environment.”

The property, which opened last summer, already is 55 percent leased and is expected to reach stabilized occupancy by the third quarter of 2015.

8th+Hope offers units with floor-to-ceiling glass, expansive balconies and high-end interior finishes including wood flooring, granite countertops and stainless steel appliances. Housecleaning, pet care, grocery delivery and porter service are available.

8th+Hope’s impressive amenities include a 10,000-square-foot rooftop deck and club room with retractable glass walls that lead to an outdoor social/dining area, spa, fire pit and garden retreat. The complex also includes a lavish private film theater, guest suites, in-unit salon and spa services, 24/7 concierge service, car sharing and covered parking.

One of the nation’s most active multifamily developers, Wood Partners has more than 3,000 units completed or under construction in Southern and Northern California, and a total of more than 4,200 on the West Coast stretching from Seattle to San Diego.

DOWNTOWN LOS ANGELES – It may be a cliché, but that doesn’t mean it’s not true: It would have been impossible a decade ago to predict the kinds of projects that are coming online today in Downtown Los Angeles.

That’s what the editorial staff of Los Angeles Downtown News realized as we were considering candidates for this year’s Downtowners of Distinction awards. The community is full of housing, entertainment, retail and restaurant projects that might have seemed unfathomable in 2005. Back then who could have guessed that the Central City would be the hippest nightlife destination in Los Angeles, or that it would be the community of choice for young chefs changing the way L.A. eats? Who could have known that 2014 would be the year when Downtown gains a top-notch concert hall, a destination hotel and a huge batch of housing complexes?

In the following pages, Los Angeles Downtown News runs down the winners of the 14th annual Downtowners of Distinction awards. The prizes were created to recognize the individuals, groups and companies that created projects that not only turned a profit, but also made their community and the whole of the Central City a better place.

This year’s Downtowners of Distinction includes a new twist: the inclusion in eight categories of other Notable Projects. Picking 2014 winners was harder than ever due to the unprecedented number of high-quality endeavors that benefit their community. We only give one Distinction award in each district, but we wanted to recognize some of those who took great risks to create new projects.

Land & Houses USA Inc. Buys 111-Unit San Mateo Apartment Building