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Wood Opens $90M Domain

San Diego
San Diego
August 6, 2012 Bisnow
Wood Opens $90M Domain
Horace Greeley wished he said: ?Go West, young man, to build apartments in San Diego.? Cause then he'd have a fan in Wood Partners; the Atlanta-based multifamily investment firm has opened the $90M, 479-unit Domain by Alta-San Diego in the Spectrum Center.
Wood Opens $90M Domain
The ground-up development is Wood?s first apartment community in San Diego. SoCal director Brian Hansen tells us Wood bought the project from Sunroad Enterprises in August 2010. According to Brian, apartment market conditions are even better now. Located in the 244-acre San Diego Spectrum master-planned community, the apartment complex was envisioned as part of Sunroad?s 40-acre office, residential, and retail center that stalled during the recession. Wood jumpstarted the project using Sunroad?s original plans and building permits (which it also purchased).
Wood Opens $90M Domain
The four-story podium project boasts a large pool area with copacopious cabanas and a spa. (The opening was almost delayed because Michael Phelps kept hogging the podium.) The new community also includes a two-story clubhouse that features a glass wall and a 1,200 SF outdoor deck. Monthly rents range from $1,495 for a studio to $2,775 for the largest two-bedroom unit. Brian says San Diego offers tremendous opportunities for apartment development, with a low supply, tightening vacancy, and a job market that's starting to turn around.
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Related Topics: Michael Phelps, Spectrum Center, Brian Hansen, Sunroad Enterprises, San Diego Spectrum