Wood Partners Completes Land Buy for 207-Unit Alta West Davis
Posted January 2, 2012
We Recommend...
DALLAS - With the development site in hand, Wood Partners is planning to break ground in early January on the 207-unit Alta West Davis in the historic North Oak Cliff neighborhood of southwest Dallas.
The developer has acquired a five-acre site at 1836 W. Davis St. Alta West Davis will be a pair of three-story buildings with studio units and one- and two-bedroom apartments, ranging from 650 square feet to 1,200 square feet. And, it will be a LEED design.
"Part of our site is in a historically designated district in the city and the architecture has to be sympathetic to the historical structures in the neighborhood. The neighborhood is predominantly craftsman or prairie style architecture and Alta West Davis is reflective of the historic nature of the neighborhood," said Todd McCulloch, a director for Atlanta-based Wood Partners.
The neighborhood is undergoing revitalization, spurred by locally owned retail shops and restaurants cropping up in long-dormant vacant buildings. The area is five minutes from the CBD and Uptown.
"The fact that a top-tier institutional developer like Wood Partners is willing to build the first 'market rate' multifamily development in Oak Cliff in several decades says a lot about the recent transformation of the community. We are excited about the project and believe it certainly validates the submarket," said Barry Hancock of Cienda Partners, the project's seller, which had amassed several hundred acres in the mid-2000s for an ambitious redevelopment plan of the area.
Good, Fulton & Farrell designed Alta West Davis; Wood Construction is the general contractor. If all goes as planned, the project will be completed by first quarter 2013.
"Alta West Davis will appeal to the rent-by-choice market. It's an urban infill lifestyle, but more authentic than the mass-produced product people will find in other areas. It's also reasonably priced at a discount of $500 to $1,000 a month below other infill neighborhoods," McCulloch said.
blog comments powered by