DENVER, CO--(Marketwire - September 16, 2010) - Wood Partners, L.L.C., one of the nation's largest multifamily developers, announced today its acquisition of a 17.57-acre parcel in Littleton, Colo., where it plans to start construction immediately on a 280-unit garden-style apartment community.
The development, to be called Alta Aspen Grove, is designed to be eco-friendly, transit-oriented and packed with high-end amenities commensurate with the nearby upscale Polo Reserve neighborhood. It is expected to be open for lease by spring 2011.
"Alta Aspen Grove is a new highlight in our portfolio. Renters will find its environmentally friendly design and amenities on par with the excellence in reputation that we're known for nationwide," said Ryan L. Dearborn, chief executive officer of Wood Partners, which also developed Glass House Denver in Riverfront Park. "The Denver market is one of the strongest in the country and this choice property represents a great strategic fit for Wood Partners."
The property located at 7317 South Platte River Parkway is adjacent to the 260,000-square-foot, open-air Aspen Grove Shopping Center, home to over 50 of Colorado's finest stores and restaurants. It is within easy walking distance of the light rail stop at Mineral Ave. and Santa Fe Drive, which offers convenient access to downtown Denver, and is only a 20-minute commute by car to both the city center and the Denver Tech Center.
Perhaps the most attractive aspect of Alta Aspen Grove is its direct access to the 660-acre Carson Nature Preserve with the Platte River running through it that connects with 120 miles of recreational trails. The preserve features a lake and river access with excellent fly fishing, as well as more than 225 species of birds such as the bald eagle, red-tailed hawk and great blue heron.
In keeping with Wood Partners' commitment to build environmentally friendly communities, the property is designed to meet the national ENERGY STAR® standards for efficiency. The developer also plans to pursue LEED certification, which is extremely difficult to obtain for garden-style developments.
"Wood Partners is very green-oriented and we believe this will be a very strong draw in Denver and especially in the city of Littleton," said Director Tim McEntee, who handles all Wood Partners developments in Colorado. "Environmental sensitivity along with luxury is part of the ethos of our community and people have come to expect it."
Alta Aspen Grove will consist of 17 two- and three-story buildings in a gated community that includes a clubhouse with a high-end fitness center, full kitchen with large entertainment area, media center and an upbeat cyber café. The outdoor area will feature a pool with waterfall and Jacuzzi, a television sitting area with Wi-Fi and a large outdoor fireplace. Other areas of the park include picnic tables with nearby barbeque pits that offer unimpeded views of the mountains. Residents will be able to wash their cars onsite. There is even a dog-washing area for residents year-round, as well as a dog park, on the property.
"The site is flush with the types of features renters-by-choice want in this market," McEntee said. "We wanted to make sure it fit well with our goals of being environmentally friendly, while giving residents the best in what this special area of Denver has to offer as well as unique perks they won't easily find elsewhere."
Alta Aspen Grove will take full advantage of its natural surroundings with huge balconies, patios and windows that offer striking mountain views from the majority of its one-, two- and three-bedroom units. Abundant natural lighting and a special ventilation system add to the property's eco-friendly design. Every unit will feature master bedroom walk-in closets, plank flooring, track lighting, crown molding and upgraded appliances with slab granite found in the kitchens and baths, as well as computer desks. The majority of the units have spacious island kitchens and about half have two-sided fireplaces that cover the living and dining areas. Potential residents include empty nesters, young professionals, families and students from the nearby Denver Seminary, as well as the Arapahoe Community College and Auraria Higher Education Center, all of which are easily accessed by light rail.
Commercial developer Quadrant Properties was the seller in the $47 million transaction, which includes equity and debt financing. Loan Office Ralph Lowen of Prudential Mortgage Capital Company facilitated a construction loan through the U.S. Department of Housing and Urban Development (HUD).
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. 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 36,000 homes with a combined value of more than $4.5 billion in the Southeast, Washington D.C., Texas, Colorado, Nevada, Arizona and California. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com
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