Wood Partners Buys Site for $90M Apartments

SAN DIEGO-Multifamily developer Wood Partners LLC has acquired a 5.9-acre fully entitled site for a $90 million, 379-unit luxury apartment complex in the 244-acre San Diego Spectrum development and plans to start construction by Sept. 1. Director Brian Hansen of the Marietta, GA-based development firm points out that financing for the $90 million project ―which includes the purchase price, permitted set of full design plans, and construction costs―was secured within 60 days.

“Some people were skeptical that a private developer could come in and raise close to $90 million in 60 days,” Hansen says. “We have strong financial partners that were able perform their due diligence quickly and perform in an extraordinary manner.” Hansen adds that the general contractor “also did an excellent job in working with our team to finalize a construction contract in quick order.”