SOURCE: Wood Partners

Wood Partners

November 24, 2014 13:51 ET

Wood Partners Breaks Ground on Alta Terra Bella, 311-Unit Garden Apartment Community in Land O' Lakes

19-Acre Site Located in Affluent Area Poised for Growth, With Easy Access to Excellent Schools, Shopping, Recreation and Downtown Tampa

LAND O' LAKES, FL--(Marketwired - Nov 24, 2014) - Wood Partners has broken ground on Alta Terra Bella, a 19-acre luxury rental community that will offer 311 garden apartments in 14 three-story buildings in Pasco County, a suburb of Tampa that has seen considerable capital investment in recent years.

Construction is expected to be complete in May 2016, and leasing is expected to begin in September 2015. Wood Residential Services, Wood Partners' property-management division, will manage Alta Terra Bella.

"As the Tampa Bay area continues to experience robust employment and income growth, especially in the hospitality, financial and business services industries, Pasco County will continue to grow," said David Thompson, development director for Wood Partners in Florida. "Alta Terra Bella is ideally located near top schools and provides convenient interstate access to employers throughout the Tampa area." 

Charlan Brock & Associates designed the community, which will include 339,301 square feet of rentable space and an 8,939-square-foot clubhouse with a community room, fitness center, kids' playroom, Wi-Fi café and a summer kitchen overlooking the swimming pool. The community will have 633 surface parking spaces, including 76 attached and detached garage spaces available for rent. Surak Engineering is the civil engineer, and Libra Design Group is the landscape architect. Wood Florida Builders is the contractor.

While the Tampa Bay MSA's population has grown 20 percent since 2000, the population within a five-mile radius of Alta Terra Bella has exploded by 114 percent over the same period, and average household incomes are 37 percent higher. Sixty-four percent of the households within that area have household incomes of more than $50,000.

Alta Terra Bella is conveniently located less than five minutes west of I-75 and 10 minutes east of the Veterans Expressway, connecting it to the entire Tampa Bay region. Downtown Tampa is 25 minutes south via I-275, and the property is within 30 minutes of 49 million square feet of office space.

PNC Bank was the seller for the deal, brokered by Bruce Erhardt of Cushman & WakefieldNXT Capital and EIG Euroinvestor are the equity partners. Synovus Bank is providing the construction loan.

According to the National Association of Home Builders' formula to determine the local impact of multifamily housing in typical metro areas, adding 311 rental apartments will generate $24.5 million in local income, $2.5 million in taxes and other revenue for local governments, and 379 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.