DENVER, CO, Apr 02, 2012 (MARKETWIRE via COMTEX) ?
Wood Partners, L.L.C., the nation?s most active multifamily
developer, and East West Partners, the developer of Riverfront Park
and the Union Station neighborhood, announced today they have
arranged capital from USAA Real Estate Company to build a five-story
mid-rise apartment community in the heart of the Union
Station/Riverfront Park redevelopment.
Alta City House, a $62 million luxury development at 1801 Chestnut
St., will include 280 units with one-, two- and three-bedroom floor
plans just west of Union Station. Construction will begin in August
with the first move-ins scheduled in September 2013.
?We are excited about our second development within the Riverfront
Park/Union Station area,? said Tim McEntee, Wood Partners director.
?We purchased the land knowing that long-term it was a fabulous
location. Today, this area and the whole urban lifestyle experience
are exploding and we?re on the front end of it.?
Wood Partners and East West Partners previously collaborated on the
highly successful Glass House high-rise condominium project in
Riverfront Park in 2007. Ryan Dearborn, CEO of Wood Partners, was the
executive in charge of Glass House. The company long envisioned the
new Alta City House as a complementary development and purchased the
land in 2006.
?We are excited about City House and working with Wood Partners
again,? said Chris Frampton of East West Partners. ?Wood Partners has
developed some of the most compelling rental communities in the
country.?
?We are very pleased to be part of such an exciting new apartment
development in Union Station,? said Pat Duncan, Chairman and CEO of
USAA Real Estate Company. ?We also look forward to working again with
Wood Partners, who are well known for developing some of the most
outstanding apartment developments in the country. Alta City House
also constitutes Wood Partners? second joint venture increasing the
total cost of projects for which USAA is the capital partner to over
$200 million.?
Alta City House, located on a full block between 18th and 19th
Streets and Chestnut, will be at the base of the pedestrian bridge on
18th Street and within 100 feet of the new light rail station just
west of Union Station, and just blocks from the new train to DIA,
projected for completion in 2016. The new community is just a few
short blocks from the Platte River Greenway?s access to over 120
miles of bike trails.
The five-story structure with garage will occupy slightly less than
three acres and will offer one-bedroom units ranging from 645 to 825
square feet, two-bedroom units from 991 to 1,227 square feet and nine
three-bedroom townhomes with 1,300 square feet.
?Alta City House will be the perfect destination for single young
professionals and couples as well as empty nesters who are downsizing
or seeking second homes in the core of urban life,? said McEntee.
The community will feature a two-story fitness center, cyber cafe,
two-story club room, game room, two large outdoor courtyards, one
with a large pool area with outdoor fireplace, a plaza opening to the
18th Street pedestrian bridge and 100 feet from the light rail
podium, a large roof deck with a year-round outdoor kitchen facility
and a striking view of Coors Field.
Alta City House is Wood Partners? third development in the Denver
area. The company?s most recent project, Alta Aspen Grove, is the
first market rate apartment community of stick frame construction to
be certified under LEED for Homes in Colorado.
Wood Partners will lead 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. In 2011, it was ranked the nation?s No. 1
multifamily developer with 3,750 unit starts. 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 development of more than 40,000
homes with a combined value of more than $5.5 billion nationwide.
Wood Partners has offices in 15 major markets nationwide including
Atlanta, Baltimore, Boca Raton, Boston, Charlotte, Dallas, Denver,
Houston, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San
Francisco, Seattle, Washington, D.C. To learn more about Wood
Partners, please visit our Web site at
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 eastwestpartners.com.
Media Contacts: Anton Communications Vanessa Showalter 949-748-0542 Email Contact Genevieve Anton 714-544-6503 Email Contact
SOURCE: Wood Partners
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Article source: http://www.marketwatch.com/story/wood-partners-east-west-partners-and-usaa-real-estate-company-announce-plans-to-build-alta-city-house-apartment-community-in-the-union-stationriverfront-park-area-2012-04-02
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