Wood Partners Breaks Ground on Newest Upscale Residential Community North of Seattle: Alta North City

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Jun 27, 2023, 12:00 ET

SHORELINE, Wash., June 27, 2023 /PRNewswire/ -- National multifamily real estate development leader Wood Partners and their capital partner, ParkProperty Capital, today kicked off the official groundbreaking of its latest residential community, Alta North City, located just north of Seattle in Shoreline's growing North City neighborhood. With construction on the project already underway, Alta North City is expected to open in mid-2025.

The forthcoming community will be situated less than 20 minutes north of downtown Seattle in the emerging suburb of Shoreline. With the development of Alta North City, Wood Partners aims to provide a true live, work, play community for residents with convenient access to the upcoming Link light rail stations, a variety of shopping options, restaurants, and parks just outside their doors. The property itself will include more than 4,000 square-feet of ground floor retail with outdoor plaza space.

"We are beyond excited to officially break ground on our newest mixed-use project, Alta North City, in the growing city of Shoreline, which we hope will provide the perfect balance of city and suburban living for our future residents," said Michael Nagy, Managing Director at Wood Partners. "Alta North City highlights Wood Partners' continued expansion within the Seattle marketplace, as well as the company's dedication to providing the highest level of quality and sophistication for residents to enjoy."

Once complete, Alta North City will offer 228 apartment homes comprised of studio, one- and two-bedroom custom-designed floorplans for residents to choose from. Throughout the community, each home will showcase a vibrant design aesthetic, complete with high-end fixtures and finishes for residents to enjoy. Key interior living features include stainless steel appliances, quartz countertops, chrome gooseneck faucets, and designer tile backsplashes and accents throughout. Additional home features will include wall-to-wall wood-style flooring, full size in-unit washer and dryer sets, spacious closets and balconies, and energy efficient heating and cooling.

Outside their homes, residents will also have access to Alta North City's array of attractive community amenities, including an impressive roof-top deck with beautiful views of the surrounding Puget Sound area. In addition, residents will enjoy the community's custom-designed clubroom with co-working features, garden courtyard, and a 24/7 state-of-the-art fitness center.

"We are excited to partner again with such a high-quality developer in Wood Partners and grow our footprint in Seattle," said Brendan Whalen, Managing Director of ParkProperty Capital. "This will be our second investment in Seattle where we see a lot of opportunity given the continued growth and high quality of life in the metro. This is also the ninth investment through our discretionary fund platform that has invested over $350M in equity over the past two years into similar development opportunities throughout the major markets in the U.S. Sunbelt and Pacific Northwest, so this is an important milestone for ParkProperty Capital on multiple fronts."

Wood Partners is acting as the general contractor and will manage the property once complete.

About Wood Partners
Wood Partners is a national leader in the development, construction, and management of multifamily communities across the United States. The company has been involved in the acquisition and development of nearly 90,000 conventional multifamily homes with a combined capitalization of $17.3 billion. The company currently owns more than 70 properties across the United States representing over 20,000 homes. Headquartered in Atlanta, Wood Partners has offices in 22 major markets across 15 states nationwide. The company also operates Wood Residential, an award-winning, full-service property management group that proudly operates both properties developed by Wood Partners and communities owned by third parties. For three years running, Wood Residential has ranked No. 1 nationally for online reputation in the J Turner ORA™ Power Rankings (Division III). For more information, visit woodpartners.com.

Contact: Donya Mansoorian, [email protected]

About ParkProperty Capital
ParkProperty Capital ("PPC") is a multifamily real estate investment firm backed by members of the Otto Family, a high-net-worth German family with over 55 years of global real estate investment experience. PPC is focused on investing in joint-venture development as well as value-add, core-plus, and core acquisitions, which may be acquired directly or with best-in-class local sponsors, throughout the US Sunbelt, Seattle, and Boston. PPC invests in multifamily real estate through a series of discretionary funds and the family balance sheet. Its US investment operations and portfolio management are based in Atlanta, GA, where it manages a rapidly growing portfolio of approximately almost 5,000 units, with a fund management presence in Hamburg, Germany. For more information, visit parkpropertycapital.com.

SOURCE Wood Partners