Wood Partners Builds Up Texas Portfolio
- Dec 05, 2019
Wood Partners is expanding its holdings in Texas to 21 as it begins construction this week on two luxury multifamily communities in the Lone Star State.
The 307-unit Alta Midtown Park broke ground in the Vickery Meadow area north of downtown Dallas and is scheduled for completion in early 2021. The 300-unit Alta Cathedral Lakes broke ground in Spring, Texas, and is expected to begin preleasing in fall 2020 and be completed in late 2020.
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Located at 8107 Manderville Lane, Alta Midtown Park is just east of U.S. 75/Central Expressway, the primary North-South artery in Dallas, and eight miles from downtown Dallas. Alta Midtown Park is a half-mile from the Walnut Hill DART station and its orange and red lines, both of which connect to the heart of Dallas. The region’s two major airports, DFW International and Dallas Love Field, are also a short distance away.
The development is also a few minutes’ drive from Preston Hollow Village, a major shopping, entertainment and dining destination, and NorthPark Center, an upscale indoor mall with more than 200 retailers. Other nearby retailers includes grocery chains Whole Foods, Trader Joe’s and Tom Thumb.
Alta Midtown Park will have a mix of studio, one- and two-bedroom floorplans. Community amenities include: a resort-style pool with tanning ledges; outdoor kitchen area; fitness center; conference center with state-of-the-art AV technology; and a fifth-floor indoor-outdoor sky lounge with a view of downtown Dallas.
Wood Partners is also very active in the Houston region, which has seen robust job growth like the Dallas-Fort Worth area. With Alta Cathedral Lakes, the company will have eight properties completed or in development in the Houston region. Earlier this year, Wood Partners broke ground on two developments. The 304-unit Alta West Alabama luxury apartment community is in the Greenway/Upper Kirby District. The 364-unit Alta River Oaks is in the prestigious River Oaks neighborhood.
Alta Cathedral Lakes is located at 689 Basilica Bay Drive in Spring’s newest master-planned community–Cathedral Lakes–which features 150 acres of mixed-use development. The new luxury multifamily property will have a mix of one-, two- and three-bedroom floorplans. Property amenities will include a resort-style pool, clubroom, fitness center, business center with conference rooms available for reservation, outdoor kitchen, dog park and dog wash. Some units will have waterfront views.
Alta Cathedral Lakes will be located directly across 1-45 from CityPlace Springwoods Village, a 60-acre mixed-use urban district planned for more than 9 million square feet of commercial space. The business community is home to major corporate campuses like ExxonMobile, Southwestern Energy, ABS and HP Inc., with more than 17,000 employees. There are three major hospitals nearby–CHI St. Luke’s – The Woodlands, Memorial Hermann – The Woodlands and CHI St. Luke’s – Springwoods Village.
Entertainment offerings include the Cynthia Woods Mitchell Pavilion, an outdoor concert venue, and The Woodlands Resort and Conference Center with golf courses, spa and waterpark. Grocery stores including HEB, Whole Foods, Kroger and a Walmart Supercenter are all within five miles of the new development. The Woodlands Mall and adjacent Market Street are less than four miles from Alta Cathedral Lakes and offer a range of high-end retailers, cinemas, restaurants and luxury hotels.