Wood Partners Begins Apartments in Durham, NC
The community will be located at the midpoint of two major employment hubs.
Wood Partners has broken ground on Alta Bethpage, a 336-unit multifamily community located in Durham, N.C. The project will be completed in the first quarter of 2027.
The development will offer a mix of one-, two- and three-bedroom units. Common-area amenities will include a pool, clubhouse, two dog parks and a pet spa. There will also be a disc golf course, open space and walking trails.
Alta Bethpage will be situated between Research Triangle Park and Brier Creek, two of the region’s largest employment and retail hubs. The Durham-Chapel Hill metro currently has a relatively high unemployment rate of 9.8 percent, while the Raleigh-Cary metro area currently has a tight employment market, with unemployment coming in at 2.9 percent, according to the Bureau of Labor Statistics.
Wood Partners has been active in developing multifamily properties nationwide recently. In May, the company broke ground on Alta Flatirons in suburban Boulder, Colo., which will also deliver in early 2027. That project is located near a future 300,000-square-foot life science development.
In April, the company, in partnership with ParkProperty Capital, broke ground on a 336-unit multifamily development in Hutto, Texas, a suburb of Austin. The community is slated for completion in the third quarter of 2026. Alta Bethpage will be Wood Partners’ fourth project in Durham in recent years.
Atlanta-based Wood Partners currently owns more than 80 properties across the United States, representing about 25,000 units.
Raleigh-Durham sees development explosion
Raleigh–Durham ended 2024 with downward pressure on multifamily rents as new construction projects entered the market in great profusion, according to Yardi Matrix data. Rents were down 3.1 percent compared with the end of 2023.
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Just over 12,000 multifamily units came online in 2024 in Raleigh-Durham, representing 6.2 percent of existing stock, Yardi Matrix noted. That was more than double the 3 percent U.S. average and was also a record for the region, since the previous five-year average was 6,238 units.
As for ongoing projects, Raleigh–Durham had 20,272 units under construction as of December, Yardi Matrix reported. Another 107,000 units in the planning and permitting stages.
