Wood Partners Breaks Ground in Seattle Metro
The area’s rapid growth has attracted increased multifamily investment.
Wood Partners and joint venture partner ParkProperty Capital have broken ground on the Alta North City residential project in the Seattle area. Situated in the North City neighborhood of Shoreline, Wash., the community expects first move-ins in mid-2025.
Alta North City will feature 228 apartments in a blend of studio, one- and two-bedroom units and custom-designed floor plans. Features of the residences will include designer tile backsplashes, full-size in-unit washers and dryers and energy-efficient heating and cooling. Among the property’s common-area amenities is a clubroom with coworking capabilities. The property will also include upwards of 4,000 square feet of ground-floor shopping spaces and an outdoor plaza.
Shoreline’s location 20 minutes north of downtown Seattle will allow residents to access future Link light rail stations planned for the area, as well as varied retail, dining and recreation options. ParkProperty Capital noted the Seattle-Tacoma metropolitan area’s rapid population growth in a statement.
This is the ninth investment made through ParkProperty Capital’s discretionary fund. The investment vehicle has already invested $350 million in equity over the past two years.
Wood Partners is the project’s general contractor and will manage the property upon its completion. Last month, Wood Partners unveiled Alta Berry Creek, a 17-acre, 320-unit luxury development that is part of a master-planned community in Georgetown, Texas, near Austin.