Wood Partners and PGIM Real Estate Break Ground on New Residential Community in one of Raleigh’s Fastest Growing Areas
RALEIGH, N.C., Oct. 17, 2022 /PRNewswire/ — Wood Partners, a national leader in multifamily real estate development, and PGIM Real Estate, the real estate investment and financing arm of PGIM, today announced groundbreaking of the partnership’s residential community—Alta Town Center—located in Raleigh, North Carolina. With construction currently underway, the community is scheduled to officially open in fall 2023 with pre-leasing to begin in summer 2023.
Located on Town Center Drive in one of Raleigh’s fastest growing areas, Alta Town Center will provide immediate access to nearby I-540 and Capital Boulevard, enabling residents to travel throughout the Triangle area with the greatest of ease. Within minutes of the property, top retail locations — including Triangle Town Center Mall, Poyner Place and Plantation Point — will offer a wide range of retail and dining options for future residents to enjoy. As a result of the area’s ongoing development, residents will have numerous employment opportunities nearby, including communications leader Bandwidth, as well as Apple, Google, Fidelity, and Fujifilm, which are all in the process of constructing new campuses in the Raleigh area.
“Wood Partners is excited to continue expanding its footprint within the North Carolina Triangle area with the groundbreaking of our latest property in Raleigh, Alta Town Center,” said Caitlin Shelby, Managing Director for Wood Partners. “As the Raleigh area continues to experience a massive amount of growth and development, we are thrilled to soon offer Wood Partners’ signature approach to comfortable living at an attainable cost and look forward to welcoming our first residents home next fall.”
Once complete, Alta Town Center will offer 336 apartment homes comprised of one-, two- and three-bedroom floor plans. While priced at attainable levels, all homes will feature sophisticated urban accents and high-end finishes including stainless steel appliances, granite countertops, tile backsplash, in-unit washer and dryer sets, and wide-plank flooring throughout.
Alta Town Center will also cater to residents with a wide range of attractive community amenities including a resort-style pool and courtyard, outdoor grilling and lounge areas, outdoor fitness equipment, and an on-site pet park and pet spa. Inside the community club house, residents will have access to a state-of-the-art fitness center, coworking spaces, and ample room for socializing with other residents within the hospitality bar and game room.
PGIM Real Estate invested in Alta Town Center through Impact Value Partners (IVP), its private equity impact fund that invests in affordable housing and transformative development in the U.S.
Soultana Reigle, senior portfolio manager, U.S. value-add strategies at PGIM Real Estate, commented “Alta Town Center will benefit from its position within one of the Raleigh metro’s highest performing submarkets in terms of rent growth, driven by its proximity to employment and relative affordability. Additionally, the property will expand affordable living options for Raleigh residents, providing naturally occurring affordable housing at 80% of the area median income.”