Wood Partners is entering the attainable housing market with the start of construction at two new communities in Florida and Georgia. The leading multifamily developer’s Altera brand will offer upscale living at cost-effective rates.
“There continues to be a shortage of reasonably priced rental options in this country,” said chairman and CEO Joe Keough. “As a responsible member of the housing industry, we believe it is our obligation to offer a solution to this problem by creating a product that falls within our high standards of excellence at an attainable price. We look forward to expanding our Altera product offering across the country.”
The Altera-branded communities will be built with upscale finishes, such as granite countertops and stainless steel appliances, as well as top-of-the-line amenities. According to Wood Partners, cost savings will be found through the selection of well-located suburban sites instead of more expensive urban locations, the execution of efficient and consistent design, and minimal, yet well-done, landscaping.
The first two communities under the Altera brand will be the 320-unit Altera Union City in Union City, Georgia, and the 305-unit Altera Land O’Lakes, Florida. Wood Partners has over 10 additional Altera developments in the pipeline and aims to start six, including Altera Union City and Altera Land O’Lakes, this year. According to the developer, given the demand for attainably priced housing, it expects the Altera brand to be a meaningful component of its pipeline moving forward.
Altera Union City will feature an expansive ground-floor amenity level with a resort-style pool, a fully equipped gym, and a yoga studio. Located outside of Atlanta, the development also will be in a walkable neighborhood that features Starbucks, Dunkin Donuts, and a Publix grocery store. Bennett Sands, managing director of Wood Partners’ Atlanta office, is the development lead.
Altera Land O’Lakes in Florida’s fast-growing Pasco County will be comprised of one-, two-, and three-bedroom floor plans. Amenities will include a fitness and clubhouse building with co-working space and a package room. Residents also will have access to a resort-style pool, a sun deck with shade sails, grilling areas, fire pits, outdoor gaming, a dog park, and a pet wash. The community, headed up by development lead Tyler Hurd, managing director of Wood Partners’ Tampa office, is slated to be completed by December 2025.
