Wood Partners Closes on Sale of Parc Alpharetta Age-Restricted, Mixed-Income Senior Living Community

ATLANTA, GA--(Marketwire - Jun 15, 2011) - Wood Partners announced today that it has closed on the sale of its Parc Alpharetta age-restricted apartment community in Alpharetta, Ga., to Waterton Associates, a Chicago-based investment firm, for $23 million.

Parc Alpharetta is a mixed-income development of 210 units totaling more than 242,000 square feet set on approximately seven acres. Twenty percent of the units are set aside for those 55 years of age and older whose income is not more than 50 percent of the Area Median Income.

The Parc Alpharetta community includes 111 two-bedroom units and 99 one-bedroom units. Wood Partners and Parc Communities broke ground in May 2006 and construction was completed in August 2007.

"The market has really begun to turn around and the timing for this transaction represented an exceptional opportunity for us," explained Bernard Felder, managing and Southeast regional director of Wood Partners' Specialty Housing Group. "There was great interest in this property because Alpharetta has one of the highest barriers to entry in Metro Atlanta. Over the past several years, the city has imposed a virtual moratorium on all new apartment development."

The Parc Alpharetta community, located at 1000 Fanfare Way just off Georgia 400, includes a pool, a dry-creek courtyard with two bridges and walking paths, a private dining area, a clubhouse gourmet kitchen, media room, fitness center with wellness/massage area, library and business center available to all residents.

"We believe it's essential in a mixed-income community that the residences, both market rate and affordable, be indistinguishable in construction quality and location," said Felder. "The more affordable units are built to the exact same standards as the market-rate units and are intermingled throughout the complex."

Parc Alpharetta will continue to provide affordable housing to seniors in the community under new ownership due to the requirements of its mixed-income, tax-exempt bond financing.

"Our desire at Wood Partners is to be recognized as a developer for all market facets and our commitment to mixed-income housing," Felder said. "Our goal is to have 20 to 25 percent of our development pipeline designated for affordable and moderate income households."

Parc Alpharetta was originally a joint venture between Wood Partners, Williams Realty Fund and Parc Communities, which also handled property management. Engler Financial Group of Alpharetta served as the broker.