Wood Partners has broke ground on its Alta Vale multifamily property in Raleigh, N.C. The firm’s newest residential project in the city is scheduled to open in March 2023, with pre-leasing expected to begin in early 2023.
The 306-unit Alta Vale will offer one-, two- and three-bedroom apartments. Unit amenities will feature modern, high-end finishes including quartz countertops, stainless steel appliances, tile backsplashes, in-home washer and dryer sets, and vinyl plank flooring throughout the kitchen, living room and baths.
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Resident amenities will include a resort-style pool, an outdoor kitchen and lounge, an on-site dog park and access to the Crabtree Creek greenway trail, a clubhouse with a state-of-the-art fitness center, resident café, game room, co-working and conference spaces, pet spa and ample entertainment areas. Wood Partners noted that all common areas will be equipped with high-speed internet hotspots to ensure no shortage of connectivity.
The property is near the 440 Beltline, providing residents with access to more than 100,000 jobs in downtown Raleigh, North Carolina State University and the Research Triangle Park. The RPT is a 7,000-acre research park that houses hundreds of companies, including science and technology firms, government agencies, academic institutions, startups and nonprofits.
Alta Vale is close to many of Raleigh’s top retail and dining establishments, the North Carolina Museum of Art, PNC Arena, Raleigh-Durham International Airport and the 5,600-acre Umstead State Park.
Raleigh Multifamily Expansion
Wood Partners has at least two other Alta properties in the Raleigh area. It recently developed the 403-unit Alta Davis in Morrisville and the 250-unit Alta Wren in Cary. The company owns 70 properties with more than 20,000 homes in 22 major markets across 15 states nationwide.
Raleigh has 137 multifamily properties with 27,588 units in a 5-mile radius of the intersection of South Wilmington and East Morgan streets, according to Yardi Matrix. Developers have 13 projects with 3,077 units under construction and have planned 22 more with 4,487 units. There are another 67 properties in the works that could add 13,449 units to the market.
The city has witnessed the sale of 72 multifamily assets in the past five years, with an average sale price of $186,382 per unit.