SOURCE: Wood Partners

Wood Partners

May 18, 2015 13:03 ET

Wood Partners Breaks Ground on Alta Berewick, a 266-Unit Multifamily Community in Charlotte, North Carolina

CHARLOTTE, NC--(Marketwired - May 18, 2015) - Wood Partners, LLC has broken ground on Alta Berewick, a 266-unit multifamily community located on 16 acres at 5503 Dixie River Road in Charlotte. Construction is expected to be complete by December 2016, and apartments will be available for lease in February 2016.

This is the 15th apartment community developed by Wood Partners in North Carolina, where the company has built more than 2,900 units since 2001.

"Our Berewick community will offer residents the highest quality community in the area at a great value, with convenient access to the Southwest Charlotte employment market," said Ray Smith, vice president of development in Wood Partners' Charlotte office.

Alta Berewick will be close to major local employers including Siemens, Microsoft, Time Warner, Frito Lay, Equifirst, Sun Chemical, Goodrich and General Motors as well as abundant shopping. The new Charlotte Premium Outlets mall is directly across the street, and the Steelcraft and Rivergate shopping centers are less than four miles south.

The community will have easy access to recreational opportunities such as Lake Wylie, a 12,500-acre recreational park and the U.S National Whitewater Center, a recreational and athletic training facility for rafting, kayaking and hiking.

Designed by Cline Design Associates, Alta Berewick will consist of three three-story buildings, one four-story manor building and seven carriage buildings with garages. Units ranging from one to three bedrooms with stainless steel appliances, washers and dryers, granite countertops, brushed nickel hardware, and wood-like flooring will be offered. Residents will have access to a fitness center, resort-style pool, clubroom, cyber café and playground.

Berewick Town Center III was the seller. Sumitomo Corporation of the Americas was the equity partner. WP East Builders is the general contractor.

Wood Residential Services will manage the community once it's complete.

According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, adding 266 rental apartments will generate $31.1 million in local income, $5.8 million in taxes and other revenue for local governments and 117 local jobs.

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 ranks consistently among the top five multifamily developers in the country. 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 53,000 homes with a combined value of more than $8.3 billion nationwide. The company currently owns more than 75 properties with a combined total of 21,000+ units. Wood Partners has offices in 18 major markets nationwide including Atlanta, Austin, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Chicago, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website, www.woodpartners.com and follow our social media accounts, Twitter, Facebook, LinkedIn and Apartment Life Blog.