SOURCE: Wood Partners

Wood Partners

December 19, 2013 12:37 ET

Wood Partners Begins Construction on $60 Million 304-Unit Apartment Community in Germantown, Maryland

Alta Liberty Mill, a LEED-Certified Midrise Development Across From Commuter Rail Station in Montgomery County Includes 11,900 sq. ft. of Commercial Space

GERMANTOWN, MD--(Marketwired - Dec 19, 2013) - Wood Partners, one of the nation's most active multifamily developers, has broken ground on Alta Liberty Mill, a $60 million 304-unit apartment community with 11,900 square feet of commercial space directly across Germantown Road from the Germantown MARC commuter rail station.

The multifamily complex, to be built on 8.5 acres on Waters Road in Germantown, will consist of three LEED-certified five-story wood-frame buildings with elevators and enclosed air-conditioned corridors and 454 surface parking spaces. Designed by Poole & Poole Architecture, the development will include 11,900 square feet of ground-floor commercial space.

Leasing is expected to begin in autumn 2014, and construction will be completed by autumn 2015.

"This transit-oriented community will be superior to anything available at comparable rental projects in the immediate submarket," said Scott M. Zimmerly, Wood Partners' director for the Mid-Atlantic Region. "Alta Liberty Mill is ideally located in rapidly developing Montgomery County, the third-largest biotechnology center in the United States."

Thirty-eight of the units at Alta Liberty Mill will be Moderately Priced Dwelling Units (MPDUs) leased at no more than 65 percent of the area median income for the Washington, D.C., primary metropolitan statistical area. The remaining 266 units will be leased at market rate.

The complex will include two studios, 139 one-bedrooms, 158 two-bedrooms and five three-bedrooms, with average square footage of 939. Class A finishes include granite countertops, stainless steel appliances and vinyl plank flooring.

Community amenities will include a 6,500-square-foot clubhouse, business center, fitness center, conference room and media center. Residents will also have access to a 2,500-square-foot swimming pool, outdoor kitchen, fire pits with seating and barbecue grills, cabana with outdoor fireplace, a game lawn and a car wash station.

According to the National Association of Home Builders' formula to determine the local impact of multifamily housing in typical metro areas, adding 304 rental apartments will generate $24 million in local income, $2.5 million in taxes and other revenue for local governments, and 366 local jobs.

Germantown, long considered a bedroom community for Washington, D.C., is one of the fastest-growing jurisdictions in Maryland. Bisected by the I-270 Technology Corridor, Germantown is on the MARC train commuter service's Brunswick Line, which provides access to Rockville, Silver Spring, and Washington, D.C. Germantown Town Center offers a wide variety of restaurants, shopping and entertainment, and Germantown is home to the BlackRock Center for the Arts, Regal Germantown Stadium and the Maryland SoccerPlex. Montgomery County is home base for several national and international companies, including Discovery Communications, Coventry Health Care, Lockheed Martin and Marriott International.

About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It was ranked the nation's No. 2 multifamily developer in 2012 based on 5,100 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 acquisition and development of more than 47,000 homes with a combined value of more than $7.0 billion nationwide. The company currently owns 77 properties with a combined total of 20,200+ units. Wood Partners has offices in 16 major markets nationwide including Atlanta, Baltimore, Delray Beach, Boston, Charlotte, Dallas, Denver, Houston, New York, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn just more about Wood Partners, please visit our website, www.woodpartners.com