SOURCE: Wood Partners

Wood Partners

October 08, 2014 12:17 ET

Wood Partners Sells Alta Alameda Station in Denver

IMT Capital, LLC Buys Sustainably Built, Transit-Oriented Apartment Community in Historic Baker Neighborhood

DENVER, CO--(Marketwired - Oct 8, 2014) -  Wood Partners, L.L.C has sold Alta Alameda Station, a 338-unit LEED Gold-certified community on more than five acres in one of Denver's most dynamic neighborhoods, to IMT Capital, LLC, a private real estate investment firm based in Los Angeles, Calif., together with its affiliate, IMT Residential, a leading nationwide apartment operator with multi-family properties.

Completed in July and already more than 90 percent leased, Alta Alameda Station adds 338 apartments to the historic Baker neighborhood west of South Broadway, which hasn't seen new housing in a decade. Located at 275 Cherokee Street, Alta Alameda Station is directly across the street from the Alameda Light Rail station, which provides rapid access north to downtown Denver and south to the Denver Tech Center.

"Alameda Station was a tremendous opportunity to develop apartments in the historic Baker neighborhood. Our consultant team of Studio PBA, Norris Design, and HKS Engineering did a great job from start to finish," said David Jaudes, development associate for Wood Partners' Rocky Mountain region.

Centrally located with many transportation options, from bike trails to light rail, I-25 to pedestrian-oriented Broadway, Alta Alameda Station is within walking or riding distance of one-of-a-kind bars, restaurants, theaters and shops. The site has been home to a canning facility that provided rations during World War II, a Coors bottling plant and the Denver Studio complex, where 22 Perry Mason movies-of-the-week were filmed. It includes a set-aside route for a bicycle-pedestrian path that connects to the Alameda Light Rail station as well as the Platte River Greenway.

Alta Alameda Station offers a range of studio and one-, two- and three-bedroom units, each with a patio or deck. With large, open floor plans, luxury finishes and contemporary amenities, Alta Alameda Station offers a comfortable, modern lifestyle in an older urban neighborhood. The LEED Gold-certified, fully handicapped-accessible community was built with green materials including certified green cabinetry, formaldehyde-free carpet and low-VOC flooring and paint. Ample secure and covered bike parking is available in the garages, and residents have access to a bike repair shop. Electric vehicle-charging stations are available for residents.

Wood Partners is currently building three other luxury apartment communities in the Denver metro area. Alta City House is being constructed next to Union Station, Alta Harvest Station is nearing completion in Broomfield, and Alta Cherry Hills in Englewood will turn first units early next year. Last year, Wood Partners sold Alta Aspen Grove (now Berkshire Aspen Grove), a 280-unit luxury garden-style apartment community in Littleton, to Berkshire Property Advisors.

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 ranks consistently among the top five multifamily developers in the country. 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 53,000 homes with a combined value of more than $8.3 billion nationwide. The company currently owns more than 75 properties with a combined total of 21,000+ units. Wood Partners has offices in 18 major markets nationwide including Atlanta, Austin, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Chicago, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website, www.woodpartners.com.

About IMT Capital

IMT Capital, LLC is a private real estate investment firm based in Los Angeles, CA, with offices in San Francisco, CA and Austin, TX. The company's principals have made investments in excess of $2 billion in value since 1992. The company is a specialized manager concentrating in multifamily opportunities in major U.S. markets. Additional information on IMT Capital can be obtained by going to www.imtcapital.com.

About IMT Residential

IMT Residential is a Los Angeles based privately held full-service operator of multi-family residential communities. The company currently manages over 21,500 residential units and 90 communities in five U.S. states. Founded in 1992, IMT Residential has been recognized on the lists of Top 50 multifamily firms nationally by the National Multi-Housing Council (NMHC) and Multi-Family Executive Magazine and is also recognized by the United States Green Building Council for their LEED for Homes construction projects. Additional information on IMT Residential can be found at www.imtresidential.com.