Wood Partners Expands Houston Luxury Multifamily Footprint
- Jul 24, 2019
Wood Partners is adding to its Texas holdings with construction beginning on a 364-unit luxury residential mid-rise community in Houston’s highly affluent River Oaks area. Preleasing for Alta River Oaks at 3636 W. Dallas St. is expected to begin in fall 2020 with an estimated opening in the fourth quarter.
Alta River Oaks will offer one-, two- and three-bedroom floorplans. Unit amenities will include GE stainless steel appliances, quartz countertops, custom tile backsplash, wood-style flooring and full-size washers and dryers. Community amenities will feature a clubroom, sky lounge, business and conference center, resort-style pool, fitness center, outdoor kitchen areas, tranquility courtyard and bike storage.
The property will be located within miles of job centers in both downtown Houston’s Central Business District and Uptown of Greenway Plaza as well as the Galleria, Energy Corridor, University of Houston, Rice University and Texas Medical Center. It will also be minutes from the city’s most exclusive shopping and dining options and steps from Buffalo Bayou where residents will be able to run, bike, kayak or walk. The River Oaks Shopping Center is also nearby with Whole Foods and Kroger supermarkets. Cultural options include the historic Landmark River Oaks Theatre, Rienzi Museum of Fine Arts, Bayou Bend Collection and Gardens, the Rothko Chapel and the Menil Collection.
Alta River Oaks is just a few miles from Wood Partners’ Alta West Alabama development, which had its groundbreaking earlier this month. Scheduled to open in the third quarter of 2020, Alta West Alabama will total 304 units. Bart Barrett, Wood Partners managing director, said having two luxury apartment communities in the region will set the company apart from its competitors. With this latest announcement, Wood Partners now has eight properties completed or in development in the Houston area and a total of 17 in Texas. In January, the company started work on Alta Med Main, a four-story, 338-unit community at 9330 Main St. It is located less than four miles to the south of Alta West Alabama.
More U.S. Projects
Last week, Wood Partners broke ground on the 314-unit Alta Art Tower in the Goose Hollow neighborhood of Portland, Ore. Located at 1516 S.W. Alder St., the 20-story luxury property will also have 4,000-square-feet of ground-floor retail. The developer had previously acquired half of the Artists Repertory Theater building at the same address and will incorporate performance spaces and co-working space into the residential property.
In June, the firm began developing Alta Columbia City, a 243-unit community in Seattle, marking its third residential property in the metro. Located at 4716 S. Rainier Ave. in the city’s historic Columbia City neighborhood, it is a 15-minute drive to downtown Seattle. Major employers including Amazon, Google, Microsoft and Facebook are located nearby as are many educational institutions. The property will also have 27,000 square feet of retail space.
A month earlier, Wood Partners started construction of Alta Warehouse District, a 300-unit luxury multifamily development in Phoenix. Located at 402 W. Lincoln St., it is one of the first apartment communities to be built in the downtown Warehouse District. The four-story property is slated to open in the second quarter of 2020.