SOURCE: Wood Partners

Wood Partners

June 14, 2012 17:10 ET

Wood Partners Completes Construction, Moves to Permanent Financing Ahead of Schedule on Alta Aspen Grove

LEED Certification, Location Next to Aspen Grove Center, Light Rail and 600-Acre Park, Nature Center and Platte River Bike Trail Produces Mix of Sustainable, Contemporary Living

LITTLETON, CO--(Marketwire - Jun 14, 2012) - The first thing potential renters see as they approach the clubhouse and leasing office of Alta Aspen Grove is a pair of mountain bikes in a rack with a sign that beckons, "Borrow Me."

"We make them available to our residents and people use them almost every day. We sit beside one of the great urban bike paths in the country and our residents don't even have to own their own bike to take advantage of it," said Tom Polewchak, community manager of Alta Aspen Grove, 7317 South Platte River Parkway, adjacent to the Aspen Grove shopping center.

Alta Aspen Grove, a 280-unit apartment community developed by Wood Partners, L.L.C., the nation's most active multifamily developer, completed its construction in January, three months ahead of schedule and will soon complete its permanent financing.

"Alta Aspen Grove is 84 percent leased and 76 percent occupied with rents in the low $1.40s per square foot," said Tim McEntee, Wood Partners Director. "The fact that it was one of only two market priced developments started in 2010 combined with being a LEED-certified community in a great location has made it a terrific property for us."

Alta Aspen Grove is the first market rate apartment community of stick frame construction to be certified under LEED for Homes in Colorado. LEED for Homes is a relatively new rating system specifically designed for residential buildings under seven stories -- as opposed to LEED NC, which applies to commercial and high-rise structures.

Obtaining LEED certification is a rigorous process that involves a commitment to sustainable building from design through construction and includes as-built performance tests. During the construction process each LEED strategy and measure was verified by a qualified third-party green rater.

The LEED certification is a key element for potential residents, said Polewchak.

"It's part of every presentation we do," he said. "Being a LEED community positions us as innovative and being a step ahead of the competition. People like the idea of moving into a brand new project that's never been lived in."

Alta Aspen Grove borders a 600-acre park and nature center, has backyard access to the South Platte Greenway bike path which extends to the northern regions of metropolitan Denver and is next to the Mineral Light Rail station which connects to downtown Denver and, eventually, to Denver International Airport.

"Our location is definitely a great asset," said Polewchak. "We have a number of residents who have sold their homes and are downsizing but still looking for a luxury lifestyle in Littleton."

The proximity to Aspen Grove shopping center has resulted in a cross-marketing ties including door-to-door meal delivery from restaurants in the center and move-in gifts from Aspen Grove merchants.

Alta Aspen Grove, which is a non-smoking community, uses Facebook and other social media as well as an Active Building internal site available only to community residents that features resident blogs, clubs and event notices.

"People are very involved with it," said Polewchak. "We don't do any paper signage so it's very important to us. They can place work orders online. I've never worked at a property where all my residents know each other as well as they do here."

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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