Apr 22 2015
Wood Partners, LLC announced that it will break ground this month at Alta Wilde Lake, an approximately $45 million 230-unit multifamily community on 2.79 acres in downtown Columbia that will be a key component of the redevelopment at Wilde Lake Village Center. Apartments will be available for lease in summer 2016.
Alta Wilde Lake, a mixed-use community, will provide much-needed housing in a currently underserved affluent area. Columbia, in Howard County, was the top-performing submarket in suburban Maryland in 2013, with rents increasing four percent during a time when many submarkets experienced no rent growth, according to Delta Associates' Class A Apartment Market Report.
"With few projects slated for delivery in this market over the next 36 months, we anticipate that occupancy will tighten and rents will likely continue to increase in 2015," said Scott Zimmerly, Director of the Mid-Atlantic Region for Wood Partners.
Howard County, located in the heart of the Baltimore-Washington, D.C. corridor, boasts a median household income of $103,643 and is ranked the third wealthiest county in the United States by the U.S. Census Bureau. Columbia -- a planned community consisting of ten self-contained villages -- is the second most populous community in Maryland after Baltimore.
Located at 5420 Lynx Lane -- less than a half mile from The Mall in Columbia, Howard County Community College, Howard County General Hospital and excellent schools and recreational facilities -- Alta Wilde Lake will include two five-story apartment buildings connected by a three-level sky bridge over Lynx Lane. The community will have an expansive clubhouse with a sports lounge, café, business center and conference room, a pet spa, bicycle storage and maintenance room, a resort-style saltwater pool, a fire pit, an outdoor kitchen, grilling stations and a state-of-the-art fitness center and aerobic studio offering on-demand virtual fitness classes.
Alta Wilde Lake will include approximately 5,000 square feet of ground-floor retail space and is located within the newly redeveloped Wilde Lake Village Center, which contains approximately 60,000 square feet of retail and 30,000 square feet of office space.
Source: http://woodpartners.com/