Wood Partners, PGIM Break Ground in Raleigh

Located in a southern hotspot, the community is set to begin preleasing in summer 2023.

Alta Town Center clubhouse. Image courtesy of Wood Partners

Wood Partners and PGIM Real Estate have broken ground on their community in Raleigh, N.C. The property, Alta Town Center, is set to feature 336 apartments, which will begin preleasing in summer 2023.

Alta Town Center will provide affordable housing for the Raleigh community with leasing options at 80 percent of the area median income. PGIM invested in the community through its private equity impact fund for U.S. affordable housing developments, the Impact Value Partners.

Located on Town Center Drive, the asset will have one-, two- and three-bedroom layouts. Units will include washer and dryer sets. The property will feature a pool, courtyard, fitness center, game room, clubhouse, bar and outdoor lounge and grilling areas.

Employers near Alta Town Center include Apple, Google, Fidelity and Fujifilm who are all building new campuses in the area. The Triangle Town Center Mall, Plantation Point and Poyner Place offer retail and dining options within minutes of the community. The greater Triangle area can be accessed through Interstate 540 and Capital Boulevard.

The asset is anticipated to officially open in fall 2023.

Prime location

The Raleigh-Durham Triangle area has been attracting new residents and businesses due to a large talent pool and more affordable living costs, which has boosted the multifamily market. Demand is now significantly higher than supply, with rents growing 0.8 percent on a three-month basis through April.

The area is also attracting multifamily investors, with Mill Creek Residential recently purchasing a 312-unit Raleigh community. TerraCap Management LLC also expanded its footprint in the area with an acquisition in Morrisville, a short commute away.

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