SOURCE: Wood Partners

Wood Partners

July 26, 2011 11:29 ET

Wood Partners to Commence Construction on Alta Congress, New Apartment Community in Delray Beach

Four-Story Project Will Offer 369 Luxury Units in Prime Location Along Congress Avenue

DELRAY BEACH, FL--(Marketwire - Jul 26, 2011) - Wood Partners, one of the top five multifamily developers in the nation, announced today it has closed on construction financing to build Alta Congress, a four-story, 369-unit apartment home community near downtown Delray Beach.

Construction on the $66.5 million project will begin in August with the first residents expected to occupy their homes by December, 2012. Alta Congress will be completed by May, 2013.

"Delray Beach is a terrific area and Alta Congress is ideally positioned to put residents in the middle of a wide variety of transportation, cultural, dining and recreational opportunities," said David Thompson, a director of development for Wood Partners in South Florida.

Alta Congress, located at 250 Congress Park Drive, will offer a mix of living spaces from efficiencies to three-bedroom, two-bath units ranging from 537 square feet to 1,539 square feet. Monthly lease prices are projected to be from $1,200 to $2,300. Most units have balconies and all have walk-in closets. Community amenities include a clubhouse, golf course views, two courtyards and a swimming pool.

The project is the newest in a market in which new rental units are scarce; Palm Beach County's rental occupancy rate is over 95 percent.

Alta Congress occupies a prime location along Congress Avenue, approximately a mile from Old School Square on Atlantic Avenue, the heart of historic Delray Beach.

Alta Congress is located less than 1,000 feet from the Delray Beach TriRail station, linking Miami, Fort Lauderdale and West Palm Beach along a 70.9 mile system with 18 stations. Delray Beach Golf Club, designed by legendary golf course architect Donald Rose (Pinehurst, Oakland Hills and nearly 600 others), is just west.

Construction is the contractor for the project; Womack + Hampton are the architects. Greg Engler of Engler Financial Group arranged financing for the project. Alta Congress is Wood Partners' second project in Delray.

About Wood Partners

Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. 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. www.woodpartners.com

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