TODAY’S DEALS: Wood Partners Grabs SoCal Land for $75M Community
Wood Partners acquires land for a $75 million luxury apartment community in California; ARA announces $38.15 million sale of property that was designed to condo specs; and SunCal purchases an idle master-planned development in Virginia.
Warner Center, Calif.—Wood Partners has purchased four-plus acres of land in Warner Center, Calif., for the development of Warner Park, a $75 million luxury apartment community. The company plans to begin construction by mid-August. Wood Partners estimates that the project will take 22 months to complete, putting first occupancy in early 2013—a time that coincides nicely with multifamily demand.
“Our Warner Park development is occurring at an ideal time; we will be building during a favorable construction market, delivering when all the supply of 2007-2010 in Warner Center has been absorbed and competing against limiting new supply,” says Brian Henson, Wood Partners director of development for southern California. “It’s an attractive, well located property that we will be building at a significant discount to acquisition cost and we anticipate renting the first units in 2013 when the market will be at its most receptive.”
Warner Center is a mixed-use hub located 25 miles from downtown Los Angeles and 20 east of Burbank, Calif. Wood Partners’ new community will feature 298 units evenly split between one- and two-bedroom apartments. The property will include a resort style pool, a clubhouse with bar, televisions and video games, an Internet café, business center, universal Wi-Fi, and a fitness center.
ARA announces $38.15 million sale of property that was designed to condo specs
Aurora, Colo. — ARA recently brokered the sale of Conifer Creek in Aurora, Colo. ARA Denver-based principals, Jeff Hawks, Doug Andrews, Terrance Hunt, and senior vice president, Shane Ozment, represented the seller, New York-based TGM Associates, in the transaction.
The buyer, Grand Peaks Properties, a Denver -based real estate investment firm and property management company, purchased the property for $38,150,000, representing a price per unit of $79,479 and a price per square foot of $84.86.
Constructed from 1984-87 as for-sale condominiums, Conifer Creek Apartments offers attractive floor plans with design elements rarely seen in apartments of this vintage. Over 70 percent of the homes are two bedroom / two bath and 22 percent are townhome style units. Conifer Creek has an amenity package that includes garages, a clubhouse with kitchen and billiards room, two heated swimming pools and jacuzzi spas, fitness center, and beautiful landscaping.
“Conifer Creek is an ideal value add property with a condo design offering spacious floor plans, garages, and walk-in closets,” says Hunt.
The property is adjacent to the Heather Ridge Golf and Country Club and offers visibility and convenient access to the Southeast Business Corridor, Denver International Airport (DIA), the Aurora City Center, Town Center at Aurora, Lowry, and the Fitzsimons Redevelopment. The Southeast Business Corridor, which is located approximately 15 minutes from the property, is the largest employment center in metro Denver with nearly 30 million square feet of office space. The area is 15 percent larger than the downtown office market and accommodates approximately 150,000 workers.
“Conifer Creek creates a unique opportunity for the buyer to reposition this asset with a value-add strategy,” adds Shane Ozment. “Its location, construction, and size makes it ideal for this type of investment.”
SunCal purchases master-planned development in Virginia
Prince William, Va.—SunCal has purchased Harbor Station, a transit-oriented development located on 1,920 acres of land 35 miles south of Washington, D.C., along the Potomac River. The partially completed project has been idle for more than three years. SunCal acquired the parcel as a bank-owned property. Financial details of the transaction were not disclosed.
“We’re very excited to be involved with this special property that is located in a spectacular waterfront setting and is planned to offer a mix of residential, commercial and recreation uses,” says Casey Tischer, vice president of land acquisition for SunCal. “We understand the importance of Harbor Station as a destination community, and we’re looking forward to working with the country and area residents as we develop the site.”
The community is approved for up to 4,000 residential units and 3.7 million square feet of commercial space. The parcel is zoned for a combination of residential, commercial, hospitality, marina and civic uses. It also features a the class 18-hole Potomac Harbor Golf Course, a Jack Nicklaus Signature Golf Course. Nearly half of the property’s natural open space will be preserved. Extensive grading and roadway infrastructure has already been completed on the site.