Wood Partners Breaks Ground on North Carolina Community
Located near Raleigh, the community plans to start leasing in early 2024.
Wood Partners is expanding its multifamily footprint in North Carolina’s Research Triangle region with a 300-unit community, Alta Ivy. Alongside partner Trei Real Estate, the firm recently broke ground on the project in Cary, N.C., and plans to start leasing in early 2024.
Alta Ivy will offer one-, two- and three-bedroom units, ranging from 689 to 1,483 square feet. The residences will have in-unit washers and dryers, while the property will offer a saltwater pool, clubhouse, courtyard and dog park. Public art, and open space have been incorporated into the design of the community, which will include 5,000 square feet of office space.
Major employers in Cary, Raleigh and Durham are easily accessible for commuters. Caitlin Shelby, managing director at Wood Partners, said in prepared remarks that the Cary submarket’s desirability is a result of this proximity.
Research Triangle, the largest research park in the U.S., is home to upwards of 50,000 skilled jobs. Apple is constructing a campus there that is expected to accommodate more than 3,000 workers.
The developer is also leasing Alta Wren, a 250-unit community also located in Cary that broke ground in July 2020. Wood Partners has several properties throughout the state of North Carolina. In February 2022, the developer broke ground on the 306-unit Alta Vale in Raleigh, with plans to open the community in March 2023. Earlier this month, the company opened a 348-unit community in Winter Garden, Fla., located 10 minutes from Walt Disney World.