Wood Partners Opens DC Community
The luxury property will be the firm’s second within the District and is 1 mile from the greater metro area.
Wood Partners has expanded its luxury residential footprint within Washington, D.C., with a 327-unit community. The firm opened its latest community, Alta 801, which is expected to welcome its first residents in 2023.
Alta 801 offers studio, one- and two-bedroom floorplans, with options for penthouse units. The units were built with stainless steel appliances, stone countertops, full-size washer and dryer, while select units have kitchen islands, walk-in showers and private balconies. The community’s outdoor amenities include a rooftop lounge, an infinity-edge pool, semi-private cabanas and two courtyards. Wood Partners also designed Alta 801 with a coworking area, fitness center, pet spa, guest suite, bike storage and repair center, package storage with cold storage options and electric vehicle charging spaces.
Located at 801 New Jersey Ave. NW, Alta 801 is within walking distance to each of Washington, D.C.’s metro lines since it’s near five train stations. Residents are roughly a mile away from the city’s downtown but also are a short commute away from the area’s major attractions, like the U.S. Capitol, Smithsonian Museums, several National Monuments and the National Mall.
Record rent growth for DC
Now that Alta 801 is open and will soon welcome residents, the community will likely benefit from the surging rental rates the Washington, D.C., multifamily market has been experiencing in the last two years. According to Marcus & Millichap’s third-quarter report on the metro’s multifamily market, the recent rapid rent growth is likely to continue.
The third quarter saw a 11.6 percent year-over-year increase in Washington, D.C.’s average effective rent, hitting $1,996. The West Alexandria submarket saw the highest year-over-year increase, with a 20 percent jump. The report noted that the average effective rent is expected to surpass the $2,000 per month threshold for the first time on record, while also marking the third largest annual increase in at least two decades.
Besides Alta 801, Wood Partners has several other communities in the D.C. metro. While The Belgard is the only other community located in the District, Wood Partners has two other communities in the nearby Alexandria, Va. submarket. The firm also completed a 267-unit community in South Baltimore, Md., after breaking ground in April 2020.