Wood Partners Begins Construction on Fourth Multifamily Project in Los Angeles County
- Sep 25, 2013
Los Angeles—Wood Partners has broken ground on its 300,000-square-foot Alta South Bay community, marking the company’s fourth multifamily project in Los Angeles County.
The five- to six-story Alta South Bay, located between Torrance and Carson in South LA County, will offer one-, two- and three-bedroom apartments and a host of high-end amenities including a resort-style pool, outdoor deck areas, a fitness center, spa, business center and Internet café. Each unit will include granite countertops, wood laminate flooring, and full-sized washers and dryers.
“With this building, we’re providing a higher standard of living than currently exists in the older apartment communities in the area,” says Brian Hansen, Wood Partners’ Southern California regional director. “There are several hundred thousand jobs within a five mile radius, and we’re providing an affordable living option, but with a luxury experience and high quality finishes, in an undersupplied market.”
Major employers in the vicinity of the new $55-million community include the corporate headquarters for Herbalife, as well as the U.S. headquarters for Honda, Toyota and Porsche. Nearby Ports of Los Angeles and Long Beach, in addition to Kaiser Hospital, Torrance Memorial Medical Center and UCLA Harbor Medical Center, are also major employers in the area.
Wood Partners’ expanded efforts in LA County include the $55 million Alta South Bay, which is expected to open in summer 2015, as well as a $75 million, 298-unit Warner Park luxury community that will open this month, and a 290-unit high-rise in the South Park district that is expected to open next summer. The company’s first community in the Los Angeles area, Alta Hollywood, was completed in 2010 but was later sold.
“The Western regional team of 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,” says Western Regional Director Frank Middleton. “With more than a dozen new projects from San Diego to Seattle, we are clearly at the forefront of active developers on the West Coast.”