SOURCE: Wood Partners

Wood Partners

May 11, 2011 09:00 ET

Wood Partners Opens Alta at Regency Crest, Luxury Active Adult Community in Ellicott City, MD

New Apartment Homes Help Offset Shortage of Available Market-Rate Rental Units for Retirees in Howard County

ELLICOTT CITY, MD--(Marketwire - May 11, 2011) - Alta at Regency Crest, an active-adult luxury apartment community that opened last month, already is attracting droves of seniors who want to maintain a lifestyle of gracious living amid a wide range of first-class amenities in a housing market with plenty of pent-up demand.

The new upscale residence, located at 3305 Oak West Drive near downtown Ellicott City, was developed by Wood Partners, a national multifamily real estate company. It is the company's fifth active adult community.

"Demand has been incredibly strong for an active-adult apartment community," said Scott M. Zimmerly, a Wood Partners director who spearheaded the $30 million development. "We already had an interest list of more than 200 potential renters before the grand opening in April and we were 10 percent leased within the first 30 days."

Alta at Regency Crest is the newest and most luxurious apartment community designed for active adults in Howard County, a suburb of Baltimore that is the third wealthiest county in the nation based on median household income.

A report by the Howard County planning and zoning department forecasts the county's 55+ population to grow from 19 percent to 31 percent over the next 25 years. The aging population -- coupled with a steep drop in new construction -- has resulted in a high demand for age-restricted apartment communities.

"Our research shows that Howard County makes absolute sense in terms of a strong rental market with a high standard of living that is an appealing place to retire," said Leonard Wood, Jr., director of Wood Partners' Mid-Atlantic Region. "There are very few options here for seniors who choose to sell their homes and transition to a luxury apartment lifestyle, and Regency Crest will help meet that need."

The community, consisting of 150 units in a four-story controlled access building with elevators, is designed for seniors ages 62 and older. It features an extensive array of amenities from an indoor salt water pool to "valet trash service."

"We really pushed the envelope at Regency Crest by packing it with high-end amenities that you don't typically find in active adult communities," Zimmerly said. "We wanted to design a special place that matches the way today's active adult wants to live."

Among the distinctive features of Alta at Regency Crest is an indoor salt water pool with therapy jets, support seating and handrails. Special water classes will be enhanced with underwater lighting and a surround-sound music system.

The community's clubhouse includes a state-of-the-art fitness center with an exercise room for aerobics and yoga that includes two 55-inch flat-screen televisions for residents who would rather go bowling on Wii than play shuffleboard (which also is available, along with darts and pool tables).

Regency Crest features an indoor theatre with plush seating and a full professional sound system for movie nights and featured speakers. A full service manicure/pedicure salon is located is on-site and residents will be able to choose among a variety of social events.

A meticulously landscaped courtyard on the six-acre site includes a meditation garden with koi pond, a massive waterfall and an outdoor fire pit with a large grill area.

Nearly 4,000 square feet of on-site storage will be available to residents, a rarity in most apartment communities but essential for residents who may be down-sizing. The pet-friendly community accepts dogs with breed restrictions and indoor cats. And a "valet trash service" will collect residents' garbage weekly right outside their door.

The Ellicott City/Columbia area was ranked No. 2 among the top 100 Best Places to Live in America in 2010 by CNNMoney magazine, which cited Ellicott City's "grand homes, lovely 18th century downtown and lots of restaurants."

More information is available on the community website at http://www.altaatregencycrest.com.

About Wood Partners
Wood Partnersis a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. 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 36,000 homes with a combined value of more than $4.5 billion nationwide. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com.

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