Multifamily developer Wood Partners has broken ground on Alta South Bay, a 246-unit apartment building on four acres bordering Torrance and Carson in the South Bay area of Los Angeles County.
The $55 million apartment building encompassing 300,000 square feet is expected to be open for leasing in summer 2015.
The building designed by Architects Orange and built by Wood Partners will include 143 one-bedroom units, 96 two-bedrooms and seven three-bedroom apartments. The five- to six-story building will wrap around a five-story parking garage.
The project provides "a higher standard of living than currently exists in the older apartment communities in the area," said Brian Hansen, Wood Partners' Southern California regional director.
Alta South Bay, Wood Partners' fourth apartment project in L.A. County, will be close to Herbalife corporate headquarters and the U.S. headquarters for Toyota, Honda and Porsche as well as the Port of Los Angeles and Port of Long Beach, as well as nearby hospitals and retail centers.
This month, the company is opening a $75 million Warner Park luxury apartment community with 298 units and it plans to finish a luxury, glass high-rise apartment project in downtown Los Angeles with 290-units in the South Park district at 801 S. Hope St. next summer.
Wood Partners has been involved in the acquisition and development of more than 47,000 units with a combined value of more than $7 billion nationwide, with offices in 16 major markets nationwide.