SEATTLE, WA--(Marketwired - May 14, 2013) - Wood Partners, one of the nation's most active multifamily developers, announced today that it has closed on the sale of Jasper by Alta -- a 91-unit luxury apartment community in Wedgwood for $29.4 million. Wood Partners sold the multifamily development to Jasper 91, LLC, an entity associated with Calfox, Inc.
Jasper by Alta, which opened in July of last year, is located at 8606 35th Avenue NE in the highly sought after North Seattle neighborhood of Wedgwood. The 100 percent leased apartment community is in close proximity to the University of Washington hospital and the currently expanding Seattle Children's hospital, two vibrant and growing employers, less than 10 miles to downtown Seattle.
"From our perspective, this was an ideal time to sell Jasper by Alta," said Steve Yoon, vice president of development for Wood Partners' Northwest region. "The Seattle market is strong and we received a wide range of interest from a number of different buyers. This sale will enable us to reinvest into other development opportunities in Seattle over the next few years."
Seattle is one of the top six apartment markets in the United States with a vacancy rate of under three percent and a shortage of new product to serve a rapidly expanding workforce. Puget Sound has added nearly 80,000 payroll jobs since 2011, mostly in aerospace, technology and major infrastructure construction projects.
"Wood Partners has been one of the most active multifamily developers on the West Coast through the recovery of the market and we are aggressively pursuing more projects," said Frank Middleton, Western region director for Wood Partners. The company has developed 10 apartment communities along the West Coast for a total of more than 2,100 rental units over the past several years, he said.
"While we further develop our pipeline in core urban markets with a target of starting 1,200 units a year, our West Coast division will be selling a number of projects over the next 18 months," Middleton added. "With the economy improving and job growth out-performing analysts' expectations in many of the West Coast markets, we are expecting the fundamentals to continue to drive demand up over the next two years."
Giovanni Napoli and Philip Assouad of Kidder Mathews were the brokers on the transaction.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. In May 2012, it was ranked the nation's No. 1 multifamily developer with 3,750 unit starts. 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 46,000 homes with a combined value of more than $6.8 billion nationwide. Wood Partners has offices in 16 major markets nationwide including Atlanta, Baltimore, Delray Beach, Boston, Charlotte, Dallas, Denver, Houston, New York, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website at www.woodpartners.com