Wood Partners Announces Groundbreaking of Alta Art Tower in Portland

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Jul 15, 2019, 20:00 ET

PORTLAND, July 15, 2019 /PRNewswire/ -- Wood Partners, a national leader in multi-family real estate development and acquisition, announced earlier today the land closing and groundbreaking of its newest luxury residential community – Alta Art Tower – in Portland, Oregon.

The high-rise tower will total 314 units, featuring studio, one-, two- and three-bedroom floor plans located at 1516 SW Alder Street. The community is central to the desirable art, cultural and retail experiences available in Portland's most prominent neighborhoods, including Downtown, the Pearl District, the West End, Goose Hollow and the Alphabet District.

"Alta Art Tower is uniquely situated between some of the most in-demand neighborhoods in Portland," said Michael Nagy, Managing Director for Wood Partners. "The community will offer an abundance of culture and social activities, plus convenient access to world-class public transit and employment options. With thousands moving to Portland each year, Alta Art Tower is a strategic investment for Wood Partners that will help meet the pent-up demand following Portland's new Inclusionary Housing Ordinance."

The Portland Metropolitan Area is experiencing significant economic growth, from high-profile employers including Nike, Google, Adidas, Under Armor, Intel and Amazon. Additionally, an expansion of the Oregon Health and Science University and numerous outdoor industry and technology companies provide Alta Art Tower residents with a diverse set of employment opportunities nearby.

The Artists Repertory Theatre, sharing a block with the project, will be incorporated into the Alta Art Tower experience, ensuring continued operations for this beloved community institution. Alta Art Tower will feature an innovative lobby experience with a performance stage and art gallery to be enjoyed by residents and guests alike. Additional community amenities include a rooftop club room with two outdoor terraces, a co-working and meeting space, a music performance room, a state-of-the-art fitness studio and ground floor retail including the "Backstage Bar."

Inside the apartment units, residents will find modern finishes that distinguish this community from others in the market to provide an A-class, high-rise living experience. Unit features include quartz kitchen countertops, stainless-steel Energy Star appliances including gas cooking ranges, vinyl-wood flooring, en-suite master baths with custom-framed mirrors, tile shower surrounds and soaking tubs, walk-in closets and solar shades.

Alta Art Tower joins a growing list of properties developed and managed by Wood Partners in Oregon.

About Wood Partners

Wood Partners is a national real estate company that acquires, develops, constructs and property manages multifamily communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, its 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 acquisition and development of more than 75,000 multifamily homes with a combined capitalization of more than $13.1 billion nationwide. The company currently owns 63 properties across the United States with a combined total of more than 17,000 homes. Wood Partners has offices in 18 major markets nationwide including Atlanta, Austin, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Nashville, Orange County, Orlando, Phoenix, Portland, Raleigh-Durham, San Francisco, Washington, D.C., and West Palm Beach.