SOURCE: Wood Partners

Wood Partners

October 07, 2011 09:28 ET

Wood Partners Purchases 9.69-Acre Site in Orlando to Develop 264-Unit Apartment Community

Construction on Alta at Lake Eve Begins December; Project Is Company's 10th Multifamily Development in Orlando, 27th in Florida

ORLANDO, FL--(Marketwire - Oct 7, 2011) - Wood Partners LLC, one of the nation's largest multifamily developers, announced today it has purchased 9.69 acres of raw land that will be the site of Alta at Lake Eve, a 264-unit luxury apartment community.

Construction on the $32.7 million project, approximately two miles from Walt Disney World, will begin in December and the first residents will move in by September 2012. The project will be completed by March 2013.

"Given its prime location on International Drive and its proximity to two very successful Wood Partners developments (Alta at Little Lake Bryan and Patterson Court), we're confident Alta at Lake Eve will be well-received by the Orlando market," said David Thompson, a director of development for Wood Partners in Florida.

Alta at Lake Eve is Wood Partners' 10th project in Orlando. Since 1998, the company has developed 27 projects with a total valuation of $1.1 billion in Florida.

"Investors and lenders are showing a strong interest in new apartment developments in cities throughout the southeast, including Orlando, where a stabilized economy has combined with lower development costs and historically low levels of new supply to deliver attractive returns for new projects," said Charles Barrus, the regional development director for Wood Partners' South Region, covering primarily Florida, Georgia, the Carolinas and southern Virginia.

Apartments in the four-story community will range from one bedroom-one bath units to three bedroom-two bath units and from 663- to 1,370-square feet with walk-in closets and balconies. The community will include elevators, surface parking, a swimming pool, courtyard, and clubhouse. The quality of interiors and amenities will be superior to the competition and will include elevators, ENERGY STAR® appliances, washers & dryers in each unit, and wood laminate flooring. The project will provide a state of the art clubroom with wifi access, TVs, and an entertaining area. There will also be an on-site fitness center with top-of-the-line cardio equipment for the tenants' use. Lease prices are projected to be from $900 to $1,500.

Wood Partners will be constructing the project through their Florida construction group, Wood Florida Builders, LLC. Charlan Brock & Associates is the architect. HSBC Bank USA, N.A. provided construction financing for the project.

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