Masters of the Multifamily Market

Woodfield Investments, LLC, leads the way in the development of Class-A apartment communities with its dedicated team sharing more than 140 years of experience in the industry.

By Lauren Felechner

In 2012 to-date, Woodfield Investments, LLC, has made headway on five new communities, opened another five, leased approximately 500 units to-date, sold one community in Arlington, N.C., and are in the midst of completing another sale of a community located in Charlotte, N.C. With Woodfield’s core markets located in Washington D.C. Metro; Charlotte, N.C.; Raleigh, N.C.; and Charleston, S.C.; the company is continuing to bring award-winning, energy-efficient and aesthetically-pleasing communities to the Mid- Atlantic region. “We develop and design each of our communities from scratch to create the best living environment that we and our team can create,” said Greg Bonifield, partner, Woodfield Investments, LLC. He continued, “We view our communities as much more than a commodity that can be duplicated over and over.”

Always making an effort to stay ahead of the curve, Woodfield pays close attention to the growing trends, demographics and looks to cater to future renters, such as their utilization of the NAHB Green Building Program within their Charlotte neighborhood — and the first to do so in the area. “This is a moving target and doesn’t appear to be settling out anytime soon,” Bonifield explained, “My understanding is that we were the largest community in North Carolina to use the program and the third largest in the U.S. at that time.” The USGBC’s LEED program is also utilized by the company as a requirement within some of their particular jurisdictions.

Alongside providing a sustainable atmosphere for residents, Woodfield focuses on creating transit-oriented neighborhoods that are in close proximity to encourage residential access to nearby transportation and commercial developments, such as their Woodfield Creekstone apartments in Durham, N.C. With expected completion by the end of 2012, Woodfield Creekstone boasts immediacy to Research Triangle Park. “This will be the nicest and newest community within 5 miles of the employment hub of the Triangle,” Mike A. Underwood, partner, Woodfield Investments, explained. He continued, “The location is outstanding as it sits adjacent to 40,000-plus jobs. It is 10 minutes from the airport and you can reach downtown Raleigh, Durham or Chapel Hill within 20 minutes.” Underwood wanted to combine tradition with distinction by implementing a classic garden apartment community within a unique locality. With 256 units, Woodfield Creekstone will offer 112, one-bedroom floor plans that range in rent from $824 to $978 per month; 120, two-bedroom layouts that range from $1,016 to $1,112 per month; and 24, three-bedroom floor plans at $1,227 per month — with 22 apartments already leased to-date. With a “lodge feel” and open interiors, Woodfield Creekstone boasts upscale living with its finishes and appliances.

Another much-anticipated Woodfield project is Hidden Creek Apartment Homes, strategically located in the rapidly evolving Olde Towne Gaithersburg, Md., submarket, according to Todd Jacobus, partner, Woodfield Investments, who explained that the company, “…Wanted to create a Class-A community that would compete effectively…” within the specified designation. Jacobus’ desire to create a top-notch community with Hidden Creek is the innate trait of Woodfield’s team, who strives for competition and the ability to produce communities that are long-awaited and benefit the region and its residents. Hidden Creek was designed, “…To set ourselves apart from the existing competition and the new competition we knew was in the pipeline,” Jacobus explained. Such elements as the architecture, design, materials and how Hidden Creek tied to the overall site plan were all meticulously crafted and decided. Jacobus stated, “Gaithersburg is a smaller Metro D.C., jurisdiction, but one with a very sophisticated and involved planning commission, mayor and city council. We had to put our best foot forward.” Setting their best foot forward was an effective approach for Woodfield as their architecture and design delivers superiority, alongside larger floor plans with layout variations, finishes and offered amenities. According to Jacobus, there are over 30 unique floor plans that range from studios to large units that entail two-bedrooms, twobathrooms and a den; and are priced anywhere from $1,600 to $2,600 per month.

As metro areas typically consist of dense populations, curb appeal was an important factor in Hidden Creek’s development. It was developed to not only fit the standards of the Metro D.C., area and its city officials, but to remain engaging to potential residents as well. This allure was achieved through, “Exceptional architecture, design and finishes, combined with thoughtful and efficient site planning that includes quality touches — like our landscape and hardscape design and materials, site furnishings and signage,” Jacobus explained. He continued, “It all ties together quite nicely to create a truly inviting environment for our residents.”

Staying in tune with developing impressive communities, Woodfield’s patience paid off with creating Woodfield Long Point, located in Mt. Pleaseant, S.C. This was a highly sought-after location for the company, and according to Mike Schwarz, partner, Woodfield Investments, LLC, they desired this site because Mt. Pleasant, “… Is one of the most livable cities in the U.S.” The company’s intention behind their decision to develop within this region was to be able, “To take full advantage of the spectacular setting and provide unparalleled rental housing for Mt. Pleasant,” Schwarz said. Completed this month, Woodfield Long Point has averaged over 50 leases per month since its opening and offers residents a community away from the hustleand- bustle of the typical metro areas, residing on the Wando River. Although the river provides a serene setting for Woodfield Long Point residents, it also provided challenges alongside the low elevation and nearby historical site that Woodfield Investments had to be mindful of during the site planning and construction processes. This community offers eight different floor plans that include one-, two- and threebedroom choices that range from $1,050 to $1,900 per month.

Woodfield Long Point was able to deliver a different sense of curb appeal that sets this community apart from others, and this was the intention of the developer when they set their sights on Mt. Pleasant. “In addition to the great architecture, the site planning offers great open vistas to marshes and the river from almost anywhere on the property. The pool complex is huge and provides a number of amenities in addition to the pool,” Schwarz stated. He continued, “The setting is spectacular with river and marsh views all over the property. Our design team took advantage of these views, and the buildings themselves are a clear level above anything in the market.”

As Woodfield Investments continues to be an innovator in the multifamily sector of the home building industry, they set a tone for progressive living and trends. Remaining concerned for the well-being of their residents is something that Woodfield features within their residencies, as they typically look to build where there is job growth potential, convenience and what can become the next “hot buttons” for seekers of Class-A apartments.

“We are scheduled to complete construction of three projects by the end of the year and begin construction on three new projects. We continue to be selective in making offers on land that we believe to have a compelling story. Our focus remains on finding the deals that will attract quality equity and debt, and produce an above-average return for our investors,” said Bonifield. He continued, “Our focus remains on executing the best product that we can deliver and the reward of satisfied residents.”

Lauren Felechner is features editor at Builder and Developer. She may be contacted at lfelechner@penpubinc.com.

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