Wood Partners Expands in Raleigh-Durham
The firm and its equity partner will add 280 units in the metro by 2027.
Wood Partners, in conjunction with Marcus Partners, has started construction on Altera Heights, a 280-unit, Class A multifamily project in Apex, N.C. Completion is expected by the end of 2027.
Marcus Partners provided equity for this project, which is the firm’s first ground-up development in the Raleigh-Durham, N.C., metro and part of its expansion across the Southeast. Earlier this year, the company closed a $875 million value-add fund aimed at industrial and multifamily investments along the East Coast.
For Wood Partners, Altera Heights is the fourth project to break ground in the metro in the past 12 months, one of them being Alta Bethpage. The firm’s development portfolio in Raleigh-Durham now comprises 15 properties.
An upscale community coming to Raleigh-Durham
Altera Heights rises at 8108 Jenks Road, 5 miles from downtown Apex and close to U.S. Route 540 and 64. Downtown Raleigh and its international airport are within 21 miles.
When completed, the property will comprise six three- and four-story buildings, with 12 percent of the units designated as affordable. Apartments will come in one- to three-bedroom floorplans with 9-foot ceilings. Amenities are set to include a clubhouse with fitness center, coworking spaces, gaming and lounge spaces, as well as a swimming pool, pet spa and dog park.
Apex leads the Triangle’s multifamily pipeline
Raleigh-Durham’s multifamily pipeline remained active while overall fundamentals softened going into the second quarter of 2026, according to a recent Yardi Matrix report. There were 16,500 jobs added in the metro last year, with education and health services accounting for nearly half of that total.
Developers had 9,856 units underway in April, with some additional 110,000 units in the planning and permitting stages. Upscale projects represented 78 percent of the active pipeline. Construction starts included 1,210 units, marking a 47 percent year-over-year drop compared to the 2,273 units that broke ground during the same period of 2025.
One of the projects that broke ground during the interval is Vara Trinity Park, a 267-unit community in Durham, N.C. The Spectrum Cos. started its construction in March.
When looking at submarkets, Apex led with 1,056 units underway, followed by Clay–Morrisville (956
units) and Durham–Southwest (930 units), underscoring sustained multifamily construction activity across the western portion of the metro.
More recently, Blue Heron Asset Management broke ground on a 269-unit luxury project in Raleigh, N.C. The development, dubbed Rosewood, rises in one of the city’s growing urban hubs and is expected to come online in 2028.
