Wood Partners buys land for Alta Terra Bella apartments

BUYER: Alta Terra Bella LP (manager: Elizabeth Vollero), Atlanta
SELLER: Capstone Resdev LLC
PROPERTY: 2335 Terra Cotta Cove, 23700 Viento Drive and additional property, Land O'Lakes
PRICE: $4.2 million
PREVIOUS PRICE: $6.84 million, June 2007
LAW FIRM ON DEED: Carlton Field Jorden Burt PA, Orlando

PLANS, DESCRIPTION:
Marietta, Ga.-based Wood Partners LLC purchased 19 acres in Land O'Lakes for $4.2 million.

The price equated to $220,974 per acre.

Wood Partners has already broken ground on the site to develop Alta Terra Bella, a 311-unit garden apartment with 14 three-story buildings.

Charlan Brock & Associates designed the community, which will include a 8,939-square-foot clubhouse with a community room, fitness center, children's playroom, cafe and a summer kitchen overlooking a swimming pool. It will have 633 surface parking spaces, including 76 attached and detached garage spaces available for rent.

Units will range from 849 square feet for one bedroom up to 1,389 square feet for three bedrooms. They will be an average 1,091 square feet.

Wood Florida Builders is the contractor for the project.

Construction is currently expected to be complete in May 2016, and leasing is expected to begin in September. Wood Residential Services, Wood Partners' property-management division, will manage Alta Terra Bella.

“As the Tampa Bay area continues to experience robust employment and income growth, especially in the hospitality, financial and business services industries, Pasco County will continue to grow,” David Thompson, development director for Wood Partners in Florida, says in a press release. “Alta Terra Bella is ideally located near top schools and provides convenient interstate access to employers throughout the Tampa area.”

The property's seller, Capstone Resdev LLC, was an affiliate of PNC Bank, which foreclosed on the property in July 2012.

Bruce Erhardt of Cushman & Wakefield represented the seller in the transaction.

NXT Capital and EIG Euroinvestor are the equity partners in the project and Synovus Bank is providing a $30 million construction loan.

Wood Partners is a national real estate company that acquires, develops, constructs and manages high density and mixed-use communities. It currently owns more than 75 properties with more than 21,000 units.