US-based multifamily real estate developer Wood Partners and its capital partner ParkProperty Capital have started construction on a mixed-use project in the state of Washington DC, US.
The new residential community is known as Alta North City and is located near the north of downtown Seattle in the Shoreline suburb.
It will feature more than 4,000ft² of ground-level retail space with an outdoor plaza and will provide easy access to several parks, shopping centres, and restaurants.
Wood Partners' managing director Michael Nagy said: “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.
“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.”
The development will boast 228 apartment homes, including studio and one- and two-bedroom custom-designed floorplans.
The apartment units will have stainless steel appliances, quartz countertops, chrome gooseneck faucets, and tile backsplashes and accents.
Residents will also have access to community amenities such as a rooftop deck with views of the surrounding Puget Sound area, a clubroom, a garden courtyard, and a 24-hour fitness centre.
ParkProperty Capital managing director Brendan Whalen said: “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 US Sunbelt and Pacific Northwest, so this is an important milestone for ParkProperty Capital on multiple fronts.”
Wood Partners is serving as the general contractor of the project and will oversee the property upon completion.
The community is anticipated to open in mid-2025.
