Wood Partners and Clarion Partners Launch New Multifamily Project in Colorado

Wood Partners and Clarion Partners Break Ground on Alta Metro Center

A collaboration between Wood Partners, a notable name in multifamily developments, and Clarion Partners recently marked the beginning of construction on the Alta Metro Center in Aurora, Colorado. This exciting initiative involves a substantial investment of 365 residential units and is set to open its doors to residents in the first quarter of 2028. Situated in the thriving Denver suburb, which ranks as Colorado's third-largest city, the project aims to enhance the area's housing landscape significantly.

Strategic Location and Community Focus

The Alta Metro Center is strategically located within an Opportunity Zone, a designation created by the Tax Cuts and Jobs Act of 2017. Investors can benefit from tax incentives aimed at fostering development in underserved regions. This project exemplifies the commitment to not only providing housing but also enriching the community. The location is part of a larger master-planned development, encouraging walkability and mixing residential, retail, and civic spaces.

Residents can expect a vibrant community atmosphere with an emphasis on art. The development will include colorful installations and two pocket parks featuring functional art, seating areas, play zones, and space for outdoor fitness activities. The plans also include excellent access to public transportation, as the community is only a few blocks away from a light rail station that connects to the broader Denver metro area.

Vision from Leadership

Walter Armer, Managing Director at Wood Partners, expressed the company’s commitment to creating communities that extend beyond mere living spaces. He stated, “Alta Metro Center reflects our continued focus on building communities that offer more than just a place to live.” The layout promotes a sense of neighborhood, with easy access to transit and a mix of uses that potential residents highly value.

Ian McKay, Senior Vice President at Clarion Partners, echoed this sentiment, stating that the project aligns perfectly with their strategy to invest in transit-oriented environments that thrive in high-growth markets. This development promises not only to serve as a crucial housing option but also to stimulate long-term economic development in Aurora.

Project Features and Amenities

The Alta Metro Center will consist of four four-story buildings, offering a variety of one-, two-, and three-bedroom apartments to cater to diverse living needs. The main building is designed to house a clubhouse leasing center, a state-of-the-art fitness center, a swimming pool, a lounge, and a gaming area equipped with a kitchen. Furthermore, additional amenities will be scattered throughout the community, including a library, a micro-fitness zone, and dog-washing facilities, enhancing the living experience for residents and their pets.

Earlier in the year, Wood Partners also kickstarted another project, Alta Flatirons, located in Superior, Colorado, which features 251 units in a developing area. In addition, they have two more properties available for lease nearby — the 186-unit Alta Piney Creek in Southeast Aurora and the 216-unit Alta Mile High in Denver.

Building on Past Success

Clarion Partners has previously demonstrated success in the area with the completion of the first phase of The Gild, a high-quality apartment community adjacent to the Alta Metro Center. This undertaking reinforces Clarion's dedication to developing well-designed living spaces that foster a sense of community, a standard that will undoubtedly be carried forward in the construction of Alta Metro Center.

About the Developers

Wood Partners has established itself as a leader in the multifamily sector, having developed over 115,000 homes worth roughly $24 billion across the United States. With more than 80 properties in its portfolio, the company consistently ranks among the top five multifamily developers in the country. Headquartered in Atlanta, it operates in 17 major U.S. markets.

On the other hand, Clarion Partners boasts over 40 years of experience in real estate investment management and manages assets amounting to over $73 billion. Their geographic spread stretches across the United States and Europe, where they offer a diverse array of strategies catering to the risk-reward spectrum. Clarion’s involvement in Opportunity Zone properties reflects its commitment to impactful, sustainable development.

In summary, the Alta Metro Center marks a significant step forward for affordable living options in Aurora, with the added bonus of community enrichment and economic revitalization.