A joint venture of CP Capital, a highly disciplined U.S. real estate manager specializing in multifamily investments, and Wood Partners (“Wood”), a leading, fully integrated real estate company with expertise in development, construction, and property management, today announced they will be developing ‘Alta 99th’ - a 402-unit multifamily development project in Phoenix, Arizona. 

Alta 99th sits in the West Valley submarket of Phoenix – offering high levels of accessibility and visibility due to its proximity to Loop 101, which has significant drive by traffic of over 135,000 vehicles per day. The sprawling site is also positioned near the brand new Loop 202, providing quick access to Metro Phoenix’s East Valley, a burgeoning tech hub for the metropolitan area.

Construction on the project is expected to begin in late March 2022, with completion slated for January 2024.

“Phoenix has maintained both a robust economy and positive apartment fundamentals in recent years, as the city benefits from steady in-migration resulting in above average job and population growth,” said Paul Doocy, Co-Head of CP Capital. “We are proud to continue our longstanding partnership with Wood Partners to deliver Alta 99th in this suburban submarket and continue to generate strong returns for our investors.”

Alta 99th will feature Class-A unit interior finishes such as stainless steel appliances, stone-surface countertops, and vinyl wood flooring. Community amenities will include a fitness center, resort-style swimming pool, dog park, detached garages, and surface parking spots. 

The development will also benefit from its proximity to numerous retail and employment nodes – situated less than five minutes from the Westgate Entertainment District, home to over eight million square feet of retail space and restaurants, as well as premier entertainment venues like the Gila River Arena and the Desert Diamond Casino. The project is also near four top hospitals and a large and expanding logistics and industrial market. 

“We are thrilled to continue developing multifamily spaces in the rapidly growing Phoenix area, and could not ask for a better partner in CP Capital,” said Todd Taylor, Wood Partners Managing Director, Phoenix. “We plan to implement our I-Smart solution in the development – a Class-A product with design features that allow for a more efficient building. Additionally, the size of this site will allow for a unique low-density community, complete with multiple outdoor amenity engagement areas, which is rare for Phoenix.”

CP Capital, formerly known as HQ Capital Real Estate, has partnered with Wood Partners on 21 development projects in the past, most recently Alta Gateway in Tampa, Florida. 

RK Properties acquired the 285-unit Alta East Shore in Apopka

Berkadia announces it has arranged the sale of Alta East Shore, a brand new, 285-unit, luxury garden-style community in the Orlando area suburb of Apopka.

Managing Directors Brett Moss and Matt Wilcox, and Associate Director Tyler Swidler of Berkadia Orlando, marketed the property on behalf of the seller, Wood Partners, one of the nation’s largest multifamily real estate developers, based in Atlanta, Ga. RK Properties, a national multifamily owner and operator with assets across the southeast,  acquired the property.

“We continue to be impressed with the exceptional performance and lease-up metrics we are witnessing on new multifamily developments like Alta East Shore, that are situated in perceived ‘second’ or ‘third’ rung suburban locations in Central Florida,” said Moss. “We commend Wood Partners for having the strategic foresight in recognizing these types of population and demographic shifts that are playing out and delivering a best-in-class product that truly fills a gap in the market.”

Added Wilcox, “There are many eyes on Apopka now in anticipation of the completion of the Wekiva Parkway project, which opens up an entirely new economic corridor connecting the Apopka area to Lake Mary/Sanford, and represents the final link in Orlando’s beltway system. Apopka’s rapid growth up to this point is just the tip of the iceberg.”

According to Berkadia Research’s Q3 2021 score card for the Orlando market, average monthly rent in the Orlando metro area rose 19.5 percent year over year landing at $1,493 per month. Occupancy is hovering around 97.6 percent.

Built in 2021 and located at 2423 Areca Palm Drive, Alta East Shore offers one-, two- and three-bedroom apartments ranging from 757 square feet to 1,287 square feet. Individual units offer fully equipped kitchens with stainless-steel, energy-efficient appliances, granite countertops, a kitchen island with breakfast bar seating, soft-close cabinetry with chrome hardware, under-cabinet lighting in kitchens, designer pendant lighting, wood-inspired flooring, plush carpets in bedrooms, spacious walk-in closets, full-sized washer and dryers, and expansive screened balconies and patios.

The gated community amenities include a resort-style swimming pool with private, poolside cabanas, an outdoor fire pit, pool pavilion with a beer tap and pizza oven, state-of-the-art fitness center with free weights, recreational boxing & cardio equipment, dedicated yoga studio with a virtual trainer, a club room with both business and conference centers, game room with billiards, resident coffee bar, dog park with pet washing station, 24/7 package room, storage units, and private detached garages available for rent.

Situated in Apopka, Alta East Shore is located just west of the AdventHealth Apopka medical campus, near the intersection of Orlando’s Western Beltway (SR-429) and Maitland Boulevard (SR-414).

JLL Capital Markets closed the sale of the site that is zoned for multi-housing 

CHARLOTTE, N.C., June 30, 2020 – JLL Capital Markets announced today it has closed the $10.9 million sale of Davis Park East, a 21.07-acre, shovel-ready, multi-housing development site adjacent to the Research Triangle Park node in Durham, North Carolina. 

JLL marketed the property on behalf of the seller, Lee Properties Group, and procured the buyer, a joint venture with Wood Partners and Stockbridge. 

Davis Park East is approved for up to 403 multi-housing units and 25,000 square feet of commercial space. Located at 4701 Hopson Rd. in Durham, the site is minutes from both Raleigh and Durham’s downtowns. Davis Park East is within walking distance to retail and restaurants and is proximate to 2.5 million square feet of office space within the Imperial Center. 

The JLL Capital Markets team was led by Director Sarah Godwin and Senior Associate John Mikels.  

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries. 

For more news, videos and research resources on JLL, please visit our newsroom.

CHARLOTTE – JLL Capital Markets announced today it has closed the sale of Alta Blu, a 298-unit, Class A apartment community in Chapel Hill, North Carolina.

JLL marketed the property on behalf of the seller, Wood Partners, and procured the buyer, Principal Real Estate Investors.

Alta Blu is located at 5840 Farrington Road in Chapel Hill near some of the Research Triangle’s largest knowledge and technology-driven employers. The property is also near Highway 54 and Interstate 40, which provides residents with easy access to the area’s top retail and grocers. Completed in 2019, the community consists of 282,628 rentable square feet of residential across a mix of studio through three-bedroom homes and 5,000 square feet of co-working office space. Apartments feature spacious floor plans, stainless steel appliances, sleek white cabinetry, granite countertops, expansive walk-in closets, wood-style flooring, in-home washers and dryers, and private patios or balconies. Community amenities include a saltwater pool, courtyard with outdoor theatre, resident lounge, business center, fitness center, dog walking service and nearby access to botanical gardens and walking trails.

The JLL Capital Markets team representing the seller was led by Managing Directors Justin Good and Jeff Glenn, Senior Vice President Andrea Howard, Senior Directors Allan Lynch and Caylor Mark, and Vice President John Currin.

“Alta Blu’s sale represents the latest institutional endorsement for Chapel Hill and the greater Raleigh-Durham MSA,” Glenn said. “Unique product with tremendous access to STEM jobs and intellectual capital continues to garner significant investor interest.”

“With ties to UNC-Chapel Hill and Duke University across all parties to the transaction, Alta Blu’s growth story and investment thesis resonated on many levels from ground-up to ultimate sale,” Mark added.

CHARLOTTE – JLL announced today it has closed the sale of Alta Prosperity Village, a recently completed, 292-unit apartment community in Charlotte, North Carolina.

JLL marketed the property on behalf of the seller, Wood Partners and its investment partner, and procured the buyer, RK Properties.

Alta Prosperity Village is located at 7304 Brice Knoll Lane just north of the intersection of Interstate 485 and Prosperity Church Road in North Charlotte. In addition to connectivity to major employment centers, the property’s location within Prosperity Village Square offers walkability to a Publix Supermarket and a variety of other retailers and restaurants. Completed in 2018, the property offers residents Class A amenities such as a resort-style saltwater pool, outdoor TV lounge and grilling station, 24-hour fitness center, private gaming room, business center, coffee bar, dog park, pet spa and garages. Units average 1,045 square feet with top-notch finishes, including large kitchen islands, stainless steel appliances, custom subway tile backsplashes, quartz countertops, plank flooring, nine-foot ceilings and private rotunda balconies. 

The JLL Capital Markets team representing the seller was led by Senior Director Allan Lynch, Director Caylor Mark and Managing Directors Justin Good and Jeff Glenn.

“The main attributes apartment investors target are grocer adjacency, job connectivity and demonstrated rental demand,” Lynch said. “With Publix next door, immediate I-485 interchange access to three major job clusters and proven onsite performance, Alta Prosperity Village presented a compelling investment opportunity by having all of those qualities.”

“Wood Partners' early identification of this burgeoning pocket of Charlotte and subsequent development execution was validated in the property’s competitive marketing process,” Mark added. “RK Properties emerged from a highly qualified field and performed tremendously in its acquisition.”

Admiral Capital Group and Wood Partners announced today that they successfully completed the sale of 3833 Peachtree, a 222-unit multifamily property located in Atlanta, on May 23, 2016.

Admiral Capital and Wood Partners, as a joint venture, originally acquired 209 of the 240 units in the broken condominium conversion project in 2012. The investment provided an opportunity to acquire a well-located asset in need of value-add capital at a discount to replacement cost.

During its ownership, Admiral repositioned the property to enhance its appeal as a premier community within the highly sought-after Atlanta submarket of Buckhead. A new outdoor pool and cabana area were installed, including outdoor lounge areas. Additionally, the lobby, fitness center, and conference areas were upgraded to complete the “live, work, play” environment tenants were seeking. In addition to the capital spent on common areas, Admiral and Wood Partners purchased an additional 13 units during the hold period.

“3833 Peachtree was another successful execution for Admiral,” said Daniel Bassichis, Co-Founder of Admiral Capital Group. “Atlanta has experienced very strong job growth, and we will continue to invest in this market.”

“We are thrilled with the execution of our business plan on 3833,” stated David Robinson, Admiral Co-Founder. “It has been very rewarding to be a part of transforming this property into such a high quality community for the residents.”

Wood Partners Director Curtis Walker added, “We are proud of our work to breathe new life into 3833 Peachtree. From adding unique design features to buying back condo units, the team executed a complex plan for a successful investment.”

Both the buyer and seller were represented by Jones Lang LaSalle’s Atlanta team.

The sale represents the eighth realization for Admiral in its first value-add real estate fund, Admiral Capital Real Estate Fund, L.P. (“ACRE I”). Admiral has three remaining ACRE I assets under management including two multifamily properties (Kent, Washington and Manhattan, New York) and one hotel property in Fort Worth, Texas. Additionally, 3833 Peachtree is one of several Atlanta area communities in Wood Partners’ portfolio.