SOURCE: Wood Partners

Wood Partners

October 15, 2010 16:05 ET

Wood Partners and Area Property Partners Close on Multifamily Investment in Miami, FL

MIAMI, FL--(Marketwire - October 15, 2010) - Wood Partners and AREA Property Partners have closed on the acquisition of Terrazas River Park Village, a 324-unit Class A property along the Miami River. The value of the off-market transaction was not disclosed.

Terrazas River Park Village consists of two sleek, contemporary towers on a 2.15-acre site along the Miami River adjacent to E. G. Sewell Park, a 10-acre natural preserve. The community is in close proximity to downtown, the rapidly expanding Miami Medical Center and the new Florida Marlins' baseball stadium, which is currently under construction. A limited pipeline of rental inventory, coupled with improving demographic trends, supports strong apartment fundamentals in the Miami area. 

The towers feature two-story soaring lobbies with open views to the park and river, a private clubhouse and a lushly landscaped pool and spa surrounded by an expansive sundeck. There is a state-of-the-art fitness center with exercise equipment and yoga/aerobic studio, along with separate men's and women's sauna/shower areas and a relaxing meditation garden.

Residences at Terrazas range from one-, two- and three-bedroom units to luxurious two-story penthouse and townhome units overlooking the Miami River. The broker on the transaction was Robert Given, executive vice president of CBRE's Multi-Housing Group.

"There was a very short gap between the find and the close on this acquisition, and the reason we were able to accelerate the process is because of our strong financial partnership with AREA," said Jay Jacobson, national acquisition director for Wood Partners.

Wood Partners is an experienced national multifamily company that has developed and managed more than $4.5 billion in real estate since its founding in 1998. This acquisition enhances the existing multifamily portfolio of Wood Partners, which launched its investment initiative earlier this year to balance its revenue platform through both new acquisitions and ongoing development efforts.

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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