SAN DIEGO-Multifamily developer Wood Partners LLC has acquired a5.9-acre fully entitled site for a $90 million, 379-unit luxuryapartment complex in the 244-acre San Diego Spectrum developmentand plans to start construction by Sept. 1. Director Brian Hansenof the Marietta, GA-based development firm points out thatfinancing for the $90 million project ―which includes thepurchase price, permitted set of full design plans, andconstruction costs―was secured within 60 days.

“Some people were skeptical that a private developer could comein and raise close to $90 million in 60 days," Hansen says. "Wehave strong financial partners that were able perform their duediligence quickly and perform in an extraordinary manner." Hansenadds that the general contractor "also did an excellent job inworking with our team to finalize a construction contract in quickorder.”

Construction of the four-story podium project, which willinclude two separate apartment buildings over two levels ofbasement garage with 750 parking spaces, is expected to becompleted in time for the first units to become available for leasein the first quarter of 2012. The development site at 8798 SpectrumCenter Blvd. in the master-planned San Diego Spectrum business andresidential community is "located in the middle of a majoremployment hub with easy access to all the major points of SanDiego, particularly downtown San Diego, the local beaches andMission Valley," Hansen points out.