SAN DIEGO, CA--(Marketwire -08/02/12)- The construction of Domain by Alta - San Diego, a $90 million luxury apartment community in San Diego's Spectrum Center business park, is complete and the property is already more than 30 percent leased, announced Wood Partners, one of the nation's largest and most active multifamily developers.
Domain by Alta - San Diego apartment community, which opened in June 2012, is a four-story podium project that was started from the ground up in August 2010. It is comprised of two rental apartment buildings erected over two levels of subterranean parking with room for 750 vehicles and a separate community clubhouse.
"This is Wood Partners' first new apartment community in San Diego and we've already experienced positive leasing interest from the community due to the project's unique design elements and vast amenities," said Director Brian Hansen, who oversees the company's development projects in Southern California. "Market conditions are certainly better now than when we bought the property and started construction -- and we were optimistic even then because of the strategic location of this property."
Domain by Alta - San Diego is located in the master-planned, 244-acre San Diego Spectrum business and residential community at 8795 Lightwave Avenue. The community is ideally situated midway between Interstates 805 and 15, and just one mile south of Route 52, providing easy access to downtown San Diego, the local beaches and Mission Valley.
The apartment rentals are a mix of 23 studios, 197 one-bedroom and 159 two bedroom apartments, and 35 units meet an affordability requirement. The quality of the apartments units and the amenities are superior to most of the local competition, and all units include wood laminate flooring, granite countertops, stainless steel appliances and in-unit washers and dryers.
The community is centered around an expansive pool area with cabanas, a spa, barbeque pits, a waterfall and trellises that take maximum advantage of the area's temperate climate. A two-story clubhouse with reclaimed teak flooring features a glass wall and a second-story, 1,200-square-foot outdoor deck that overlooks the pool as well as a state-of-the-art fitness center and wireless Internet access. Wood Partners built a two-acre public park in front of the project on land owned by the City of San Diego.
"San Diego is a market where we see tremendous opportunities," Hansen said. "The supply of apartments is low, the overall vacancy rate is tight and the job market is starting to turn around."
For more information on Domain by Alta - San Diego please visit www.domainsandiego.com
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. In 2011, it was ranked the nation's No. 1 multifamily developer with 3,750 unit starts. Through quality construction, responsible land development and intelligent design, our 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 development of more than 40,000 homes with a combined value of more than $5.5 billion nationwide. Wood Partners has offices in 15 major markets nationwide including Atlanta, Baltimore, Boston, Charlotte, Dallas, Delray Beach, Denver, Houston, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle and Washington, D.C. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com.