“There was a very short gap between the find and the close on this acquisition, and the reason we were able to accelerate the process is because of our strong financial partnership with Area,” says Jay Jacobson, national acquisition director for Wood Partners. The property is nearly 100% occupied.

Not your typical multifamily property, Terrazas River Village features two-story lobbies with open views to the park and river, a private clubhouse, pool and spa surrounded by a sundeck. There is fitness center with exercise equipment and yoga/aerobic studio, along with separate men’s and women’s sauna/shower areas and a meditation garden.

“Area’s attractive basis well below replacement cost will allow us to benefit from our repositioning efforts and overall improvement in market fundamentals,” says Richard Mack, North America CEO of Area. The Sewell Park submarket also offers the luxury River Oaks multifamily project, as well as two additional high rises closer to the medical district, offering a new residential infrastructure that can attract affluent tenants.