MORRISVILLE, NC--(Marketwired - Feb 11, 2014) - Wood Partners, L.L.C, one of the nation's most active multifamily developers, is now leasing homes at The Bristol, a $34 million luxury apartment community in the new Park West Village.
The 260-unit community at 3016 Bristol Creek Drive in Morrisville is located in the heart of the region's premiere new shopping/entertainment/residential center and has direct access to Morrisville's Greenway Trails.
"The Bristol brings a first-class living experience to the shopping, dining and entertaining environment of Park West Village," said Carter Siegel, regional director for Wood Partners Mid-Atlantic Region. "Our residents can walk out their front door and stroll across the street to the first state-of-the-art Stone movie theater in the area, shop at a range of top retail stores and dine at one of the new restaurants and bars that make this such a compelling place to call home."
Park West Village, located at the southwest corner of Cary Parkway and NC 54/Chapel Hill Road, includes 550,000 square feet of retail and 120,000 square feet of office and/or hotel space on a 100-acre site. Morrisville expects Park West Village to generate $500,000 annually in tax revenue to the town.
According to the National Association of Home Builders' formula to determine the local impact of multifamily housing in typical metro areas, adding 260 rental apartments will generate $20.5 million in local income, $2.1 million in taxes and other revenue for local governments, and 317 local jobs.
"Morrisville just passed the 20,000 marker in population," said Carlotta Ungaro, President of the Morrisville Chamber of Commerce. "Quality developments like The Bristol will help the town grow and be one of the best places to live in the area."
Built using environmentally friendly methods and materials, The Bristol offers a distinctly urban look and feel with eight three-, four- and five- story buildings that house townhomes, urban-style flats, two-story loft units, two-bedroom carriage homes and expansive three-bedroom apartment homes. The buildings are Energy Star 3 qualified, and homes in non-smoking buildings are available.
The community includes multiple courtyards, a 6,000-square-foot clubhouse with cyber café, state-of-the-art fitness center, billiards/game room and leasing office, a salt water pool, cabanas with grilling stations, dog park, car care center and sidewalks connecting to stores and restaurants.
Bristol's homes will feature open floor plans with premium plank flooring; designer kitchens with large islands, granite countertops and tile backsplashes; washers and dryers; upgraded lighting packages and over-sized garden tubs. Eco-friendly features include compact fluorescent lighting fixtures, Energy Star-certified stainless appliances and electronic thermostats. The community's townhome units will have the option of attached garage units below.
"We are excited about the level of features, finishes and amenities we will be offering," said Siegel. "The Bristol stands as one of the nicest properties Wood Partners has built in the Carolinas."
Wood Partners was the general contractor, and Cline Design Associates was the architect. Morrisville Partners, LLC sold the property; Collett & Associates was the broker. The equity partner is Prudential Real Estate Investors.
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 was ranked the nation's No. 2 multifamily developer in 2012 based on 5,100 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 acquisition and development of more than 47,000 homes with a combined value of more than $7.0 billion nationwide. The company currently owns 77 properties with a combined total of 20,200+ units. Wood Partners has offices in 16 major markets nationwide including Atlanta, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Dallas, Denver, Houston, New York, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, Southern California and Washington, D.C. To learn just more about Wood Partners, please visit our website, www.woodpartners.com.