LOS ANGELES, CA - Wood Partners, L.L.C., one of the nation's largest and most active multifamily developers, is entering the Los Angeles market with its first new luxury apartment community named Alta Hollywood, which is opening its third and final building today. One block east of the Hollywood & Highland Center, Alta Hollywood is located in the heart of the Hollywood entertainment district at 1714 N. McCadden Place. The 218-unit multifamily development is designed with hip and classy flair coupled with eco-friendly services and packed with high-end amenities commensurate with its Hollywood locale.
Source: Wood Partners
Opened for lease on Oct. 1, 2010, Alta Hollywood is already 20 percent leased and is expected to reach full occupancy by mid-2011.
"There are a lot of people in Los Angeles living with people they don't really want to live with, whether it's parents or roommates, because of the recession," said Wood Partners Director Brian Hanson, who handles the company's Southern California developments. "As the economy recovers, these people are going to be looking for their own place to live and in our target demographic - mid-20s to late 30s - that probably will be an apartment."
The property is also located close to LA's network of boulevards and freeways such as Sunset and Santa Monica Boulevards, Cahuenga and La Brea and the 101 Freeway. In addition, the Metro station at Hollywood and Highland is within walking distance from Alta Hollywood.
Alta Hollywood offers tenants 24 floor plans with the following breakdown: six studios (from 667 sq. ft. - 1,067 sq. ft starting at $2,140), 112 (1 bedroom/1 bath units from 635 sq. ft. - 1,498 sq. ft starting at $2,059), 55 (2 bedroom/2 bath units from 1,187 sq. ft - 1,805 sq. ft starting at $2,825) and 27 1bedroom/1 bath penthouses and 19 2 bedrooms/2 bath penthouses (from 851 sq ft to 1,805 sq. feet starting at $2,990).
Some of Alta Hollywood's luxurious amenities include espresso-colored plank flooring, designer pendants and light fixtures, oversized windows in living areas, matte, stainless steel appliances, walk-in closets, oval soaking tubs, terraces or balconies and pre-wired for multiple phone lines and high-speed internet. The penthouse offers exclusive elevator access to the penthouse level, 20-foot ceilings, two-level floor plans with airy lofts, large master bedroom with sitting area (selected units), den, library or home-office space (selected units) and oversized terrace or balcony (selected units).
In addition to luxurious apartment amenities, Alta Hollywood boasts high-end community activities/services such as large pool and heated whirlpool spa, barbecue grills poolside, WiFi in all common areas, elite urban bar and resident lounge, 24-hour fitness center with premium Techonogym strength & cardio equipment, executive business center with conference room and multi-media print & data services, assigned parking in private, controlled-entry gate with remote access, pet friendly and private courtyards with fireplaces.
In keeping with Wood Partners' commitment to build environmentally friendly communities, the property offers energy star appliances, 13-SEER air conditioning, low-VOC paints and adhesives to reduce toxic emissions, thermally-broken windows for greater energy efficiency, DFL lighting in most fixtures for 75% less energy use, onsite recycling center, energy-efficient pool and spa equipment, low-flow toilets and 80% recycle/reuse of construction waste.
"Wood Partners is extremely green-oriented and we believe Alta Hollywood will be a strong draw for Los Angeles resident, especially Hollywood area renters," said Director Brian Hansen, who oversees the company's development projects in Southern California. "Wood Partners is particularly well matched for this market because of our strong interest in environmentally sensitive building and our proven ability to develop complex and exciting projects in urban communities."
Wood Partners has spent the past few years building its business with key partners in an effort to position itself as one of the nation's strongest developers coming out of the recession. This strategy has served them well and has clearly put them at the forefront of active developers. Wood Partners plans to close the year with 2,000 units under construction and a growing pipeline of new deals for 2011 and 2012.
"Los Angeles is a key component in our business plan as we continue the West Coast expansion that we started five years ago," said Middleton. "We are actively seeking new development opportunities in this market as we aggressively build our national portfolio of multifamily holdings."
Wood Partners operates 15 offices across the country in Atlanta, Baltimore, Boca Raton, Boston, Charlotte, Dallas, Denver, Houston, Los Angeles, Orlando, Phoenix, Raleigh-Durham, San Diego, San Francisco and Washington D.C.