Wood Partners Affiliate Plans Condo Conversion of Year-Old Complex

DELRAY BEACH, FL-An affiliate of Wood Partners LLC is planning to convert the 300-unit former Alta Meadows apartment complex in the city into condominiums. The complex will now be known as Tierra Verde.Tierra Verde, built last year on about 22 acres at 2000 Alta Meadows Lane, has 25 three-story buildings with 392,100 saleable sf. Wood Partners is bringing in a new joint venture partner for the condominium project, according to James J. Dow, vice president of Corus Bank NA, which financed a $41.2-million loan for the purchase of the project. Wood Partners and a new equity partner are purchasing the project from Wood Partners and another equity partner, Dow says. The other partners’ names were not disclosed.With the project being so new, “they really don’t need to do much to it,” Dow says. However, some upgrades, such as granite countertops, may occur, he adds. Dow says he anticipates the new owners probably will start selling the condo units in two to three months.According to Dow, a comparable adjacent property is selling for in the $160s per sf, and that’s an older, rehabilitated property. Prices for Tierra Verde residences should be around $175 per sf, with the average size being about 1,300 sf. While the total purchase price was undisclosed, Dow says Corus Bank typically finances about 75% of costs.”Wood Partners and its principals have been very active and successful apartment and condominium developers and condominium converters. … Corus is confident the conversion of Tierra Verde will be successful,” Dow says in a statement.Tierra Verde is approximately 92% occupied as an apartment project. The project features both townhouses and flats with 9-ft ceilings, private entrances, garages, crown molding, maple kitchen cabinets and stainless steel appliances. The apartments have quoted rents from $1,199 to $1,924 a month.Wood Partners, formed in 1998, is involved in real estate development, acquisition and construction of high-quality multifamily communities. Corus Bank, the banking subsidiary of publicly traded Corus Bankshares Inc. of Chicago. Tierra Verde is the bank’s first loan with Wood Partners.