SOURCE: Wood Partners

Wood Partners

April 12, 2012 15:24 ET

Wood Partners Announces Plans to Build The Bristol Apartment Community Within the New Park West Village

Luxury Features, Amenities Will Provide an Urban Look and Feel in a Dynamic Mixed-Use Setting Adjacent to Shopping, Entertainment and Dining

MORRISVILLE, NC--(Marketwire - Apr 12, 2012) - Wood Partners, L.L.C., the nation's most active multifamily developer, announced today they will build a $34 million luxury apartment community in the new Park West Village.

The Bristol, a 260-unit community at 3016 Bristol Creek Drive in Morrisville, is located in the heart of the region's premier new shopping/entertainment/residential center.

Construction on the project is underway and The Bristol will be available for occupancy by February, 2013. The project is expected to be completed by the end of 2013.

"The Bristol brings a first-class living experience to the shopping, dining and entertaining environment of Park West Village," said Carter Siegel, Wood Partners director. "Our residents will be able to walk out their front door and stroll across the street to the first state-of-the-art Stone movie theater in the area, shop at a range of top retail stores and dine at one of the new restaurants and bars that will make this such a compelling place to call home."

Park West Village, located at the southwest corner of Cary Parkway and NC 54/Chapel Hill Road, will include up to 550,000 square feet of retail and 120,000 square feet of office and/or hotel space on a 100-acre site. Retail outlets open in addition to Target include TJ Maxx, Dress Barn, PetSmart, Rack Room Shoes and Buy Baby Buy. Outdoor retailer Gander Mountain and the Stone Theater expect to open in the fall.

Morrisville expects Park West Village to generate $500,000 annually in tax revenue to the town.

The Bristol is expected to generate over 300 jobs including 20 permanent jobs.

"Morrisville just passed the 20,000 marker in population and quality developments like The Bristol will help the town grow and be one of the best places to live in the area," said Carlotta Ungaro, president of the Morrisville Chamber of Commerce.

WP East Builders LLC is the general contractor and Cline Design Associates is the architect. Morrisville Partners, LLC sold the property, Collett & Associates was the broker. The equity partner is Prudential Real Estate Investors.

"The Morrisville/Cary area is known for the quality of its schools, neighborhoods and employment opportunities and has always been a great place to live and work," said Siegel.

The Bristol will create a distinct, urban look and feel with eight buildings of three, four and five stories mixing town homes, loft units and three of the popular two-story carriage units.

Multiple courtyards, a 6,000 square foot clubhouse with cyber café, state-of-the-art fitness center, billiards/game room and leasing office, a salt water pool, cabanas with grilling stations, dog park, car care center and sidewalks connecting to stores and restaurants are among the exterior amenities.

Bristol's homes will feature open floor plans, designer kitchens with Energy Star certified stainless appliances, large islands, granite countertops, tile backsplashes and 36-inch cabinets. Faux hardwood floors, washers and dryers, upgraded lighting packages and over-sized garden tubs are also included.

The community's town home units will have the option of attached garage units below.

"We are excited about the level of features, finishes and amenities we will be offering," said Siegel. "The Bristol will stand as one of the nicest properties Wood Partners has built in the Carolinas."

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.

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