DENVER, CO--(Marketwire - Apr 2, 2012) - Wood Partners, L.L.C., the nation's most active multifamily developer, and East West Partners, the developer of Riverfront Park and the Union Station neighborhood, announced today they have arranged capital from USAA Real Estate Company to build a five-story mid-rise apartment community in the heart of the Union Station/Riverfront Park redevelopment.
Alta City House, a $62 million luxury development at 1801 Chestnut St., will include 280 units with one-, two- and three-bedroom floor plans just west of Union Station. Construction will begin in August with the first move-ins scheduled in September 2013.
"We are excited about our second development within the Riverfront Park/Union Station area," said Tim McEntee, Wood Partners director. "We purchased the land knowing that long-term it was a fabulous location. Today, this area and the whole urban lifestyle experience are exploding and we're on the front end of it."
Wood Partners and East West Partners previously collaborated on the highly successful Glass House high-rise condominium project in Riverfront Park in 2007. Ryan Dearborn, CEO of Wood Partners, was the executive in charge of Glass House. The company long envisioned the new Alta City House as a complementary development and purchased the land in 2006.
"We are excited about City House and working with Wood Partners again," said Chris Frampton of East West Partners. "Wood Partners has developed some of the most compelling rental communities in the country."
"We are very pleased to be part of such an exciting new apartment development in Union Station," said Pat Duncan, Chairman and CEO of USAA Real Estate Company. "We also look forward to working again with Wood Partners, who are well known for developing some of the most outstanding apartment developments in the country. Alta City House also constitutes Wood Partners' second joint venture increasing the total cost of projects for which USAA is the capital partner to over $200 million."
Alta City House, located on a full block between 18th and 19th Streets and Chestnut, will be at the base of the pedestrian bridge on 18th Street and within 100 feet of the new light rail station just west of Union Station, and just blocks from the new train to DIA, projected for completion in 2016. The new community is just a few short blocks from the Platte River Greenway's access to over 120 miles of bike trails.
The five-story structure with garage will occupy slightly less than three acres and will offer one-bedroom units ranging from 645 to 825 square feet, two-bedroom units from 991 to 1,227 square feet and nine three-bedroom townhomes with 1,300 square feet.
"Alta City House will be the perfect destination for single young professionals and couples as well as empty nesters who are downsizing or seeking second homes in the core of urban life," said McEntee.
The community will feature a two-story fitness center, cyber café, two-story club room, game room, two large outdoor courtyards, one with a large pool area with outdoor fireplace, a plaza opening to the 18th Street pedestrian bridge and 100 feet from the light rail podium, a large roof deck with a year-round outdoor kitchen facility and a striking view of Coors Field.
Alta City House is Wood Partners' third development in the Denver area. The company's most recent project, Alta Aspen Grove, is the first market rate apartment community of stick frame construction to be certified under LEED for Homes in Colorado.
Wood Partners will lead the construction effort. Paul T. Bergner Associates is the architect, Harris Kocher Smith is the civil engineer and Norris Design is the landscape architect and land planner for Alta City House.
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.
About USAA Real Estate Company:
With over $12 billion in assets under management, USAA Real Estate Company provides co-investment asset management services to U.S. pension funds, as well as to foreign and domestic institutional investors. USAA Real Estate Company also provides capital to partners for development. The portfolio consists of office, medical office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
About East West Partners
East West Partners is a family of related but independent companies devoted to building, selling, managing and supporting high-quality real estate in the communities in which they operate. East West Partners was founded in 1986 with the purchase of a piece of land in Beaver Creek. Today, that development is the cornerstone of a portfolio of projects in resort & urban destinations across the United States. East West Partners' development history includes hotels, condominiums, fractional ownership, spas, golf courses, restaurants, retail and clubs. In all, East West Partners has developed more than 60 projects comprising more than $3 billion of residential and commercial real estate. In 2011, one of its signature developments, Riverfront Park, won the ULI Award for Excellence: Americas. To learn more about East West Partners, please visit our website at eastwestpartners.com.