EAST PALO ALTO, CA - Equity Residential (NYSE: EQR) hosted The City of East Palo Alto at a ribbon cutting ceremony marking the completion of two new parking lots at Woodland Park Apartments. Providing 90 new spaces for community residents, the lots represent the latest in $8.6 million in capital improvements Equity Residential has completed since the acquisition of the community in late 2011.
According to John Hyjer, First Vice President of Investments for Equity Residential, “Today’s celebration marks the most recent milestone in Equity Residential’s long term commitment to the residents of Woodland Park and the community of East Palo Alto. We are continually taking major steps to improve the living experience at Woodland Park.”
East Palo Alto Council Member Larry Moody, who was a speaker at the event, commented, “What Equity Residential has managed to achieve with improvements at Woodland Park Apartments in its short time as owner is just tremendous. What were once blighted and dirty facilities and streets, are now clean, well managed and on an entirely different level than with the previous ownership. Most every resident can agree that Woodland Park Apartments is a much nicer place to live and raise a family since Equity Residential took over management.”
Also attending the event were East Palo Alto Mayor Laura Martinez and Chair of Rent Stabilization Sonja Spencer, who is also a resident of Woodland Park.
At a cost of nearly $600,000, both parking lots feature energy-efficient lighting, and at least half of the spaces in each lot are covered carport spaces.
The Woodland Park Apartment Community is made up of 101 individual buildings offering 1,812 apartment units ranging from studios up to four bedroom floor plans. The various buildings making up the property were built between 1912 and 1969; with extensive renovations and improvements completed throughout the apartment community from 2012 to the present. This collection of unique properties is located in direct proximity to University Avenue at its intersection with the 101 Freeway, covering approximately 49 acres in total, comprised of a mix of garden style, podium, duplex and single family home structures.
About Equity Residential:
Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets. Equity Residential owns or has investments in 397 properties consisting of 111,671 apartment units. For more information on Equity Residential, please visit our website at www.equityapartments.com