Wood Partners and PGIM Close on Alta Watkins in Morrisville Set to Break Ground This Month
Wood Partners, in partnership with PGIM, closed on the 357-unit Alta Watkins in Morrisville, North Carolina. PGIM is noted in the transaction as the world’s second largest real estate investment manager, with $218 billion in gross assets under management and administration. The community is set to break ground this month and is scheduled to open by the end of 2028. Sarah Godwin and Karl Hudson with Foundry Commercial represented the seller.
“Alta Watkins’ proximity to the region’s growing life sciences hub positions the community as an ideal home base for professionals, students and families alike,” said Caitlin Shelby, Managing Director with Wood Partners. “With its impressive line-up of amenities, residents will live in an oasis that combines resort-style living with easy access to the Triangle’s leading employers and institutions.”
Alta Watkins will offer a range of resident-focused amenities including a resort-level pool, three outdoor courtyards, outdoor games, a pet spa, a state-of-the-art fitness center with a sauna recovery lounge, golf lounge and podcast lounge. The property also will include an on-site retail market, rentable offices tailored for remote work, event space and short-term stay units for guests.
Floor plans will consist of one-, two-, and three-bedroom layouts featuring stainless steel appliances, in-unit washers and dryers, quartz countertops, custom cabinetry, designer wood-style plank flooring and walk-in closets.
The development sits in the heart of the Triangle, positioned between Research Triangle Park and Perimeter Park. Alta Watkins is adjacent to Wake Tech’s new community college campus and is near the Spark Life Sciences community and Pathway Triangle Campus, providing direct proximity to regional employment and education nodes.
This transaction marks Wood Partners’ third project to commence construction in the Raleigh-Durham market within the past year. Earlier starts include the 336-unit Alta Bethpage in Durham, which broke ground in June 2025, and the 312-unit Alta Durham Summit, which began construction in September 2025.
Alta Watkins reflects a continued focus in multifamily development on amenity-driven product that supports flexible work arrangements and proximity to employment clusters. The combination of on-site workspaces, short-term stay options and curated amenities aligns the community with evolving resident needs in dynamic, employment-rich submarkets.