Wood Partners Breaks Ground on 298-Unit Development

The developer is building a community in Chapel Hill, N.C., with leasing expected to begin next summer. Alta Blu will include 5,000 square feet of office space.

Real estate developer Wood Partners broke ground on a 298-unit apartment community in Chapel Hill, N.C. Alta Blu is expected to begin leasing during summer 2018.

Located between the University of North Carolina, Duke and Research Triangle Park, Alta Blu will provide easy access to Interstate 40, the interstate connecting major business corridors. The asset will be in close proximity to the multitude of employers in the area. 

Strategic investment

The Alta Berewick in Charlotte, N.C.

The Alta Berewick in Charlotte, N.C.

“Residents will get to experience all that Chapel Hill and Durham have to offer while enjoying state-of-the-art amenities, open space and a sense of community  with commuter convenience,” said Wood Partners Director Caitlin Shelby, in a prepared statement. 

Alta Blu will feature a courtyard with a resort-style pool, an activity lawn for community events such as outdoor yoga and film nights as well as a large pond. Additionally, 5,000 square feet of office space will be included in the project.

According to Yardi Matrix data, Wood Partners owns four other assets in North Carolina, including the Alta Prosperity Village and the Alta Berewick, which are under construction and the 2104 North Brevard, which is in a prospective stage of development. All properties are located in Charlotte and feature 838 units combined. The company also owns the Steele Creek Seniors, a fully affordable, age-restricted, 120-unit asset in Southwest Charlotte.   

Image courtesy of Yardi Matrix