Wood Partners closes on apartment land
Wood Partners is building Alta Harvest Station Apartments, a 297-unit complex at the southwest corner of Wadsworth Boulevard and 118th Avenue. The project is across U.S. Highway 36 from 1stBank Center.
Job growth in Broomfield and the surrounding area attracted Wood Partners to the city, said Tim McEntee, the director of the Wood Partners Denver office.
"There's plenty of good, organic job growth, and that corridor is staying very strong," McEntee said.
The deal closed last week. McEntee declined to disclose the price, and Broomfield has not yet recorded the deed. The first building is expected to be ready for tenants next June or July, and the entire community is scheduled to be completed in January 2014.
Alta Harvest is one of several multifamily developments being started in the U.S. 36 corridor. McEntee said Alta Harvest is targeted at people who work in the area and likely need to commute.
Alta Harvest is across U.S. 36 from the Broomfield RTD station in Arista, and residents will have easy access to the pedestrian bridge over U.S. 36, McEntee said. Easy access to transit is expected to be a selling point.
The project also is lower density than others that are planned in the area, which offers tenants more open space, McEntee said.
"There's more green space, and an actual park on our site," McEntee said.
Alta Harvest Station will be 13 three-story buildings with 175 one-bedroom units, 107 two-bedroom units and 15 three-bedroom units. Average size of the units will be 940 square feet.
The land was owned by Jere Mock, and plans filed with the Broomfield Planning Department during the planning process say Wood Partners valued the land at $4.8 million.
Wood Partners projected the cost of construction to be $40.2 million, according to Broomfield records.
Wood Partners is the general contractor. Womack + Hampton, a Dallas-based firm, is the architect. Steve O'Dell of the Denver office of Apartment Realty Advisors is the broker.
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