Wood Partners Unveils Grand Opening of Exceptional New Residential Community in Raleigh

RALEIGH, N.C., Nov. 8, 2023 /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 the grand opening of Alta Town Center, located in Raleigh, North Carolina. The community's grand opening celebration, complete with a ribbon-cutting ceremony, is set for June 27.

Located at 6501 Town Center Drive, in one of Raleigh's fastest growing areas, Alta Town Center offers convenient proximity to both I-540 and Capital Boulevard. This advantageous location allows residents to effortlessly explore the vibrant Triangle area, making travel and commuting a breeze. Residents will also have access to a diverse selection of retail and dining choices in close proximity to the property, such as Triangle Town Center Mall, Poyner Place, and Plantation Point. The ongoing development in the area also presents abundant job prospects, with prominent companies like IBM, Red Hat, and Duke University just a short drive away.

"We are thrilled to see Alta Town Center come to life as we welcome residents to our extraordinary property in Raleigh, North Carolina," said Caitlin Shelby, Managing Director for Wood Partners. "We are confident that Alta Town Center will provide an exceptional living experience, combining luxurious amenities, prime location, and a vibrant community. We look forward to seeing our residents thrive and create lasting memories in their new homes."

Alta Town Center offers 336 apartment homes comprised of one-, two- and three-bedroom floor plans. Each home at affordable price points will showcase elegant urban touches and luxurious details, such as stainless-steel appliances and stylish chrome faucets and accents, granite countertops, tile backsplashes, in-unit washer and dryer sets, and exquisite wood-style flooring.

Alta Town Center caters to residents with a wide range of attractive community amenities, including a saltwater pool with poolside cabanas, 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 24-hour fitness center, coworking spaces, and plenty of space to mingle and socialize with fellow community members in the welcoming 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."

For more information, please visit https://www.altatowncenter.com/.

About Wood Partners

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 more than 95,000 multifamily homes with a combined capitalization of $20 billion. The company currently owns 80+ properties across the United States representing more than 25,000 units, as well as providing property management for an additional 55 third-party assets representing 14,000 units. Headquartered in Atlanta, Wood Partners has offices in 22 major markets across 15 states nationwide. The company also operates an award-winning, full-service property management group that proudly operates both properties developed by Wood Partners and communities owned by third parties. For four years running, Wood Partners has ranked No. 1 nationally for online reputation in the J Turner ORA™ Power Rankings (Division III). For more information, visit woodpartners.com. 

Contact: Donya Mansoorian, [email protected]

About PGIM Real Estate

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.

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SOURCE Wood Partners