Wood Partners Launching 230-Unit Mixed-Use Community in Columbia, Md.
- Apr 29, 2015
Columbia, Md.—A key component of the redevelopment at Wilde Lake Village Center will break ground this month. Wood Partners LLC announced an approximately $45 million 230-unit multifamily community on 2.79 acres at Alta Wilde Lake in downtown Columbia, Md. Apartments will be available for lease in summer 2016.
The mixed-use community of Alta Wilde Lake will offer much-needed housing in a presently underserved affluent area. Columbia, situated in Howard County, was the top-performing submarket in suburban Maryland in 2013. Rents were growing by four percent in a time when many submarkets experienced no rent growth, according to Delta Associates’ Class A Apartment Market Report.
“With few projects slated for delivery in this market over the next 36 months, we anticipate that occupancy will tighten and rents will likely continue to increase in 2015,” said Scott Zimmerly, director of the Mid-Atlantic Region for Wood Partners.
Howard County, located in the center of the Baltimore-Washington, D.C. corridor, shows off a median household income of $103,643 and is ranked the third wealthiest county in the United States by the U.S. Census Bureau. Columbia, a planned community made up of ten self-contained villages, is the second most populated community in Maryland after Baltimore.
Sited less than a half mile from The Mall in Columbia, Howard County Community College, Howard County General Hospital and excellent schools and recreational facilities, Alta Wilde Lake at 5420 Lynx Lane will include two five-story apartment buildings connected by a three-level sky bridge over Lynx Lane. The community will feature an expansive clubhouse with a sports lounge, café, business center and conference room, a pet spa, bicycle storage and maintenance room, a resort-style saltwater pool, a fire pit, an outdoor kitchen, grilling stations and a state-of-the-art fitness center and aerobic studio highlighting on-demand virtual fitness classes.
The property will also include nearly 5,000 square feet of ground-floor retail space and is located within the newly redeveloped Wilde Lake Village Center, comprising about 60,000 square feet of retail and 30,000 square feet of office space.
JDavis Architects designed the project. Wood Partners is the general contractor and Wood Residential Services will be managing the community once it’s complete.