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Wood Partners' Alta Aspen Grove Opens in Littleton Amid Pent-Up Demand for Luxury Apartment Homes


June 9, 2011 - Littleton, CO

Alta Aspen Grove, a new luxury apartment community in this supply-constrained suburb of Denver, officially opened its doors today to a market of such pent-up demand that renters already are signing up to live there.

"We now have 15 leases signed and more than 150 people on the interest list," said Tim McEntee, director of the Colorado operations for Wood Partners LLC, one of the nation's largest and most active multifamily real estate firms that also developed Glass House Denver.

The 280-unit Alta Aspen Grove is the first new luxury apartment community to open this year in the Denver metro area. It has been almost two years since a similar project was introduced in Littleton, which was back in July 2009.

"Alta Aspen Grove is hitting the market at the right time, with the right product at a time when Denver is starting to experience an economic recovery," McEntee said. "As a result, we're attracting significant numbers of empty nesters, young professionals, single parents and even students from the Denver Seminary located in Littleton who want to live in an upscale, green-oriented community."

Only 1,700 apartment units are projected to be completed in metro Denver during 2011 and the market absorbed over 6,000 units in 2010, according to Cary Bruteig, president and owner of Apartment Appraisers & Consultants and publisher of Apartment Insights, the largest survey of apartments in metro Denver.

"We expect vacancy rates to head below five percent this year," said Bruteig.

Alta Aspen Grove, located on 17.5 acres at 7317 South Platte River Parkway in Littleton, is nestled among a nature preserve, a bicycle greenway path and a light rail station, and is immediately adjacent to the upscale Aspen Grove Shopping Center. The gated, garden-style community of two- and three-story buildings offers one-, two- and three-bedroom floor plans ranging from 695 to 1,491 square feet.

Alta Aspen Grove residents will live in smart and sustainable luxury. The project has earned the national ENERGY STAR® for New Homes designation for its high standards of energy efficiency, and Wood Partners is seeking LEED (Leadership in Energy and Environmental Design) Silver certification. Each home in the smoke-free community also will feature ENERGY STAR® appliances.

High-end amenities include granite countertops in kitchen and baths, washer and dryer, double-sided gas fireplaces in select homes, private patios and balconies, nine-foot ceilings and crown molding, walk-in closets and a resort-style pool with outdoor fireplace and lounge.

The spacious clubhouse, appointed in warm earth tones, features a double-sided fireplace, a game room with pool table and plasma televisions, a Cyber Café and business center outfitted with computer terminals, wi-fi, printer, chairs with swing-out laptop platforms, printer, and a full kitchen with range, oven, ice machine and Starbucks coffee dispenser.

The fitness center, accessible to residents 24 hours, features state-of-the-art cardio machines with individual TV monitors, iPod docks and USB ports, universal machines, free weights and exercise balls.

Alta Aspen Grove's pet-friendly ambiance is exemplified by an onsite dog wash and bark park. Picnic tables with grilling areas face the mountains and open space.

"We are partnering with the shops at Aspen Grove Shopping Center to provide a truly unique experience for the Alta renter. Special perks for residents include a complimentary in-home design consult from Pottery Barn and Williams Sonoma and restaurants including Café De France and Buca di Beppo will provide a room service delivery program," said Michelle Janis, leasing manager for Greystar, Alta Aspen Grove's property manager.

For further information on Alta Aspen Grove, click on altaaspengrove.com

About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 36,000 homes with a combined value of more than $4.5 billion nationwide. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com

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