ATLANTA, GA - Wood Partners, L.L.C., one of the nation's largest and most successful multifamily developers, has purchased a 2.5-acre site in Sandy Springs, Ga., where it plans to break ground in early July on Alta Glenridge Springs, an upscale, 168-home apartment community.
Source: Wood Partners
The 205,000 sq. ft. mixed-use project, which will include 175,000 sq. ft. of residential space and 20,000 square feet of retail space, will complement an existing office building adjacent to the site. Alta Glenridge Springs will be located near the intersection of Interstate 285 and Glenridge Drive in the city of Sandy Springs, an affluent suburb of Atlanta. The site is in the heart of what is locally known as Pill Hill, a cluster of hospitals and medical offices anchored by St. Joseph's Hospital, Northside Hospital and Children's Healthcare of Atlanta. Sandy Springs is also home to a number of Fortune 500 companies, including United Parcel Service and Newell Rubbermaid Inc. Alta Glenridge Springs is expected to be ready for its first residents by summer 2011.
The development underscores the unusual strength of the location. With high barriers to entry, little new construction and a robust job base, Sandy Springs is one of the relatively few markets in the country with unmet demand for apartment homes.
"Apartment construction has fallen dramatically in metropolitan Atlanta in recent years," said Bennett Sands, Director of Development for Wood Partners in the Southeast. "But a handful of projects in key locations remain highly desirable. Alta Glenridge Springs is at the top of that list because of the barriers to entry in the submarket, access to the interstate system and proximity to all the major Atlanta office markets."
According to the 2009 Year End Reid Report, developers started construction on just 1,684 new apartment units in the greater metropolitan Atlanta area last year, which indicates that the current supply of apartments is down almost 85 percent from the peak of 11,060 starts in 2007.
The decision to proceed with Alta Glenridge Springs also highlights Wood Partners' unique position in the market. The company is one of the top five multifamily developers in the country and in recent months has begun to move aggressively to develop new sites and acquire existing properties. Unlike others in the market, Wood Partners is well-capitalized and therefore able to move quickly to take advantage of opportunities to expand its portfolio.
Upon completion, Alta Glenridge Springs will offer a mix of one-, two- and three-bedroom apartments. The units will feature open floor plans, granite countertops and high-end appliances and cabinetry. The amenities will include perks usually reserved for much larger apartment communities, such as a pool with an outdoor kitchen, a fitness center featuring a separate cardio theater, a clubroom with Wi-Fi access and a gaming room with a Wii console. In addition, Alta Glenridge Springs will have several restaurants, a dry cleaner, and numerous other resident-friendly retailers located in the base of their building that will serve the needs of its residents.
In addition, the community will pursue ENERGY STAR(R) certification, a designation by the U.S. Environmental Protection Agency for energy efficient homes. Wood Partners is an industry leader in green development. In 2009, the company made the commitment that all new ground-up construction would meet the ENERGY STAR(R) requirements whenever possible.
Easlan Capital of Atlanta, Inc. was responsible for the rezoning and site planning and will continue to manage and lease the existing adjacent office building as well as the retail within Alta Glenridge Springs once it is completed. Funding for the acquisition and development was provided by the CB Richard Ellis Strategic Partners U.S. Opportunity 5 fund, a commingled private equity real estate fund. Debt for the construction was facilitated by Hank Hall, Senior Vice President in the Capital Markets Group of the Atlanta office of Colliers International.
Wood Partners is 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 in the Southeast, Washington D.C., Texas, Colorado, Nevada, Arizona and California.
Easlan Capital of Atlanta, Inc, a regional commercial real estate development firm, has been a leading developer of mixed-use projects throughout the southeast. Easlan through its partnership with John W. Meshad, George C. Berkow and Kent S. Levenson will continue to manage and lease the existing office building as well as the retail within Alta Glenridge Springs once it is completed. Previously, Wood Partners and Easlan were involved together in the successful development of the Realm mixed use project including a high rise condominium and three story office building on Peachtree in Buckhead.