Atlanta-based Wood Partners LLC, which develops multifamily projects, has purchased a 5.9-acre apartment site in San Diego’s Kearny Mesa area, where it plans to build a 379-unit luxury apartment community.
An Aug. 16 company statement said financing for the $90 million project, including the purchase, design permits and related construction costs, was secured in a 60-day period.
“It came together a lot faster than most deals, especially in this kind of market,” said Brian Hansen, a director with Wood Partners who oversees the company’s development projects in Southern California. “Some people were skeptical that a private developer could come in and raise close to $90 million in 60 days.”
“We have strong financial partners that were able perform their due diligence quickly and perform in an extraordinary manner,” Hansen said.
Funding for the acquisition was provided by a private equity real estate fund. JPMorgan Chase & Co. is providing the debt for construction, the statement said.
Construction of the project will start by Sept. 1 on the property known as Spectrum Center, at 8798 Spectrum Center Blvd. The first apartments are expected to become available for lease in the first quarter of 2012, the statement said.