ALEXANDRIA, VA--(Marketwire - January 4, 2011) - Wood Partners, LLC, one of the nation's largest real estate companies, announced today that it has purchased a three-acre site to build The Heights at Groveton, a 290-unit luxury multifamily community on the site of the former Beacon Field Airport along U.S. Route 1 in Alexandria, Va.
Construction on the shovel-ready project is expected to begin this month, with completion targeted for the end of 2012. Given Wood Partners' commitment to green building, The Heights at Groveton will seek ENERGY STAR® certification from the U. S. Environmental Protection Agency.
"The Heights at Groveton is well positioned to take advantage of a stable interest rate environment, favorable construction pricing, proximity to mass transit and a positive trend in rent growth," said Leonard Wood, Jr., director of the Mid-Atlantic Region of Wood Partners. "We were able to attract a lot of attention from capital sources with the readiness of the site, as well as the favorable supply and demand characteristics for apartments in this market."
Wood Partners partnered with Washington D.C.-based developer Redbrick Development Group on the project. JPMorgan Chase served as a capital provider, coming off of another transaction with Wood Partners in Southern California earlier this year.
A stabilized vacancy rate for investment grade apartments in the area is 2.5%, down from 4.9% a year ago. With the national rate at 6.6%, this is the lowest vacancy rate of any major metro area in the nation, according to Alexandria-based Delta Associates.
The seller was MDP Groveton, LLC with Holliday Fenoglio Fowler, LP and Cassidy Turley serving as brokers.
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 nationwide. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com
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