Wood Partners Opens NC Luxury Property

The developer broke ground on the nearly 300-unit project in 2017, financing construction through a $34 million loan from TD Bank.

Alta Blu. Image via Google Street View

Wood Partners has completed work on Alta Blu, a 298-unit luxury multifamily property in Chapel Hill, N.C., according to Yardi Matrix. Construction began in mid-2017, with TD Bank providing $33.8 million in financing for the project.

Located at 5840 Farrington Road, the community’s five buildings are situated alongside Interstate 40, less than 5 miles from University of North Carolina at Chapel Hill’s campus. The property is a stone’s throw from a public bus route and a shopping center, and more than 3.7 million square feet of office properties are within 3 miles.

Alta Blu contains a mix of studio, one-, two- and three-bedroom units, with floorplans ranging between 626 and 1,392 square feet. All apartments include washers and dryers, custom cabinetry and granite countertops. Community amenities include a Wi-Fi-enabled business center, a fitness center, a salt water swimming pool, a bicycle-sharing service and 5,000 square feet of office space.

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