Wood Partners and PGIM Real Estate Break Ground on New Residential Community in one of Raleigh's Fastest Growing Areas
RALEIGH, N.C., Oct. 17, 2022 /PRNewswire/ -- Wood Partners, a national leader in multifamily real estate development, and PGIM Real Estate, the real estate investment and financing arm of PGIM, today announced groundbreaking of the partnership's residential community—Alta Town Center—located in Raleigh, North Carolina. With construction currently underway, the community is scheduled to officially open in fall 2023 with pre-leasing to begin in summer 2023.
Located on Town Center Drive in one of Raleigh's fastest growing areas, Alta Town Center will provide immediate access to nearby I-540 and Capital Boulevard, enabling residents to travel throughout the Triangle area with the greatest of ease. Within minutes of the property, top retail locations -- including Triangle Town Center Mall, Poyner Place and Plantation Point -- will offer a wide range of retail and dining options for future residents to enjoy. As a result of the area's ongoing development, residents will have numerous employment opportunities nearby, including communications leader Bandwidth, as well as Apple, Google, Fidelity, and Fujifilm, which are all in the process of constructing new campuses in the Raleigh area.
"Wood Partners is excited to continue expanding its footprint within the North Carolina Triangle area with the groundbreaking of our latest property in Raleigh, Alta Town Center," said Caitlin Shelby, Managing Director for Wood Partners. "As the Raleigh area continues to experience a massive amount of growth and development, we are thrilled to soon offer Wood Partners' signature approach to comfortable living at an attainable cost and look forward to welcoming our first residents home next fall."
Once complete, Alta Town Center will offer 336 apartment homes comprised of one-, two- and three-bedroom floor plans. While priced at attainable levels, all homes will feature sophisticated urban accents and high-end finishes including stainless steel appliances, granite countertops, tile backsplash, in-unit washer and dryer sets, and wide-plank flooring throughout.
Alta Town Center will also cater to residents with a wide range of attractive community amenities including a resort-style pool and courtyard, outdoor grilling and lounge areas, outdoor fitness equipment, and an on-site pet park and pet spa. Inside the community club house, residents will have access to a state-of-the-art fitness center, coworking spaces, and ample room for socializing with other residents within the hospitality bar and game room.
PGIM Real Estate invested in Alta Town Center through Impact Value Partners (IVP), its private equity impact fund that invests in affordable housing and transformative development in the U.S.
Soultana Reigle, senior portfolio manager, U.S. value-add strategies at PGIM Real Estate, commented "Alta Town Center will benefit from its position within one of the Raleigh metro's highest performing submarkets in terms of rent growth, driven by its proximity to employment and relative affordability. Additionally, the property will expand affordable living options for Raleigh residents, providing naturally occurring affordable housing at 80% of the area median income."
Wood Partners is a national leader in the development, construction, and management of multifamily communities across the United States. The company has been involved in the acquisition and development of nearly 90,000 conventional multifamily homes with a combined capitalization of $17.3 billion. The company currently owns more than 70 properties across the United States representing over 20,000 homes. Headquartered in Atlanta, Wood Partners has offices in 22 major markets across 15 states nationwide. The company also operates Wood Residential, an award-winning, full-service property management group that proudly operates both properties developed by Wood Partners and communities owned by third parties. For three years running, Wood Residential has ranked No. 1 nationally for online reputation in the J Turner ORA™ Power Rankings (Division III). For more information, visit woodpartners.com.
As one of the largest real estate managers in the world with $206.8 billion in gross assets under management and administration,1 PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.4 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).
PGIM Real Estate's rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.
1 As of June 30, 2022, net AUM is $136.3 billion and AUA is $45.6 billion.
2 Includes legacy lending through PGIM's parent company, PFI.
CONTACT: Rylie Geraci, bcwwoodpartners@bcw-global.com
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