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Wood Partners, Scott Zimmerly, Alta at Regency Crest, Howard County, senior housing, Ellicott City, HUD, debt, equity
Apartments aren't the only multifamily product that are doing well: Wood Partners' Scott Zimmerly tells us Alta at Regency Crest (a 150-unit luxury active adult property in Ellicott City) has had over 200 interested renters since opening its doors last month, and there's a waiting list at its only competitor. ?This kind of product usually leases up pretty slowly because tenants usually have to sell their homes before committing,? Scott says. ?This kind of velocity really shows you how strong demand is from the 62-plus crowd.? (Or how desperate people are to not have to mow their own lawn.) He tells us Wood Partners doesn't have any immediate plans to build more seniors housing in Howard County but is open to it in the future. The project was financed by $30M in HUD debt, with Security Development Corp as an equity partner.