Wood Partners Announces Sale of Alta at Terra Bella in Suburban Tampa

News provided by

May 05, 2017, 19:00 ET

TAMPA, Fla., May 5, 2017 /PRNewswire/ -- Wood Partners announced today that it has closed on the sale of a multi-family housing community in Land O' Lakes, Florida. The 311-unit, Class A community was purchased by Northland Investment Corporation.

Located on State Road 54 in vibrant Pasco County, a rapidly-growing suburb of Tampa, Alta at Terra Bella is situated less than three miles west of I-75 and 30 minutes north of downtown Tampa. The community is part of the 220-acre Terra Bella mixed-use development, which also includes medical office and retail uses, in addition to 253 single-family home sites. Wood Partners purchased the site in November 2014 and developed the 18.9-acre property, comprised of 14 three-story buildings and an 11,000-square-foot standalone clubhouse, from the ground-up.

Completed in 2016, the community features a zero-entry saltwater swimming pool, outdoor summer kitchen, fitness center with yoga room and children's playroom, clubhouse with sports lounge, cyber café and conference room, an expansive dog park and dog wash facility and both detached and breezeway-access garages. The one-, two- and three-bedroom units feature expansive floor plans at an average unit size approaching 1,100 square feet, and are accentuated by top-notch finishes, including granite countertops, stainless steel appliances, island kitchens, full-size washers and dryers, walk-in closets and screened patios.

"We've been thrilled with the reception of Alta at Terra Bella and the opportunity to contribute to the landscape of this thriving submarket," said Bryan Borland, Wood Partners' Director of North Florida. "The sense of place and community that is evident at Alta at Terra Bella is a testament to our best-in-class design, construction, marketing and leasing professionals who collaborate to deliver both a top-notch resident experience and attractive returns to our investors."

About Wood Partners

Wood Partners is a national real estate development company that acquires, develops, constructs and property manages high-density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, its communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 66,000 homes with a combined capitalization of more than $11.0 billion nationwide. The company currently owns 70 properties with a combined total of 20,000 units. Wood Partners has offices in 17 major markets nationwide including Atlanta, Austin, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, Washington, D.C., and West Palm Beach. To learn more about Wood Partners, please visit WoodPartners.com.