Wood Partners Expands Research Triangle Portfolio

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Wood Partners has doubled down on multifamily projects in The Research Triangle market of North Carolina. The company began construction on Alta Wren, a 250-unit luxury community in Cary, N.C., located five minutes away from The Triangle market that’s anchored by three major research universities. The project is expected to open in the summer of 2021.

Located at 1109 Morrisville Carpenter Road, the community will feature one-, two- and three-bedroom units, Wood Partners told Multi-Housing News. The property’s amenities will include two outdoor courtyards, a pool, co-working space, fitness center, playground, demonstration kitchen and lounge spaces for its residents. Caitlin Shelby, Wood Partners’ managing director said in prepared remarks that the company is hoping that Alta Wren’s large units and amenities will differentiate the community from other options in the area.

Located just south of The Research Triangle’s border, Alta Wren will offer its residents a short commute to the area’s major employers like IBM, Credit Suisse, Cisco, Biogen and Lenovo and major universities like North Carolina State University, Duke University and University of North Carolina at Chapel Hill.

RAMPING UP DEVELOPMENT IN RESEARCH TRIANGLE

In addition to Alta Wren, Wood Partners is working on another multifamily community in the Research Triangle area. Earlier this month, the developers also broke ground on Alta Davis, a 403-unit luxury development, in Morrisville, N.C., also south of the Research Triangle.

While Wood’s portfolio consists of 68 properties throughout the U.S., several of them are located near the Research Triangle in cities including Raleigh, Durham, Chapel Hill and Morrisville. Shelby added in prepared remarks that the region’s continued economic growth will keep drawing in new residents.