Wood Partners and PGIM Announce Amenity-Rich Multifamily Community in Morrisville, North Carolina

Rhea-AI Summary

Wood Partners (PRU) and PGIM closed on Alta Watkins, a 357-unit multifamily community in Morrisville, North Carolina, with construction breaking ground in March 2026 and completion slated by end of 2028.

Alta Watkins offers one- to three-bedroom homes, resort-style amenities, on-site retail, rentable offices and short-term stay units and sits adjacent to Wake Tech and the Spark Life Sciences community.

Positive

• 357-unit transaction closed with ground breaking in March 2026
• Expected opening by end of 2028
• Partnership with PGIM ($218 billion AUM) for investment scale
• Amenity-rich mix including retail, rentable offices and short-term units

Negative

• Extended construction timeline until end of 2028 delays revenue realization

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The 357-unit project, Alta Watkins, will break ground this month

RALEIGH, N.C., March 30, 2026 /PRNewswire/ -- National multifamily developer Wood Partners has closed on Alta Watkins in Morrisville, North Carolina in partnership with PGIM, the world's second largest real estate investment manager with $218 billion in gross assets under management and administration¹. The 357-unit multifamily community will break ground this month and is slated to open by the end of 2028. Sarah Godwin and Karl Hudson with Foundry Commercial represented the seller in the transaction.

"Alta Watkins' proximity to the region's growing life sciences hub positions the community as an ideal home base for professionals, students and families alike," said Caitlin Shelby, Managing Director with Wood Partners. "With its impressive line-up of amenities, residents will live in an oasis that combines resort-style living with easy access to the Triangle's leading employers and institutions."

Alta Watkins's amenities include a resort-level pool, three outdoor courtyards, outdoor games, a pet spa, a state-of-the-art fitness center with a sauna recovery lounge, golf lounge and podcast lounge. Additionally, the property uniquely offers an on-site retail market, rentable offices designed for remote work, event space and short-term stay units for guests.

Alta Watkins features a mix of one-, two-, and three-bedroom layouts with stainless steel appliances, an in-unit washer and dryer, quartz countertops, custom cabinetry, designer wood-style plank flooring and walk-in closets. The community is located in the heart of the Triangle, wedged between Research Triangle Park and Perimeter Park. Alta Watkins is adjacent to Wake Tech's new community college campus, and around the corner from the Spark Life Sciences community and Pathway Triangle Campus.

This will be Wood Partners' third project to commence construction in the Raleigh-Durham area in the last year. Most recently, the firm broke ground on the 336-unit Alta Bethpage in Durham, North Carolina, in June 2025 and the 312-unit Alta Durham Summit in Durham, North Carolina, in September 2025. For more information on Wood Partners and its communities, visit www.woodpartners.com.

About Wood Partners
Wood Partners is a national leader in the development and construction of multifamily communities across the United States. The company has been involved in the acquisition and development of more than 115,000 multifamily homes with a combined capitalization of $24 billion. The company currently owns more than 80 properties across the United States, representing approximately 25,000 homes. Headquartered in Atlanta, Wood Partners has offices in 17 major markets across the country. Wood Partners is consistently ranked as one of the five largest multifamily developers in the United States. For more information, visit www.woodpartners.com.

About PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing $1.5 trillion² in assets, PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,400+ investment professionals across 41 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.

¹ As of December 31, 2025, net AUM is $139B and AUA is $50B. PGIM is the second largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments' "The Largest Real Estate Investment Managers" list published November 2025. This ranking represents AUM as of 6/30/25. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.
² As of December 31, 2025.

Media Contact:
Addy Kundla
akundla@thewilbertgroup.com

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SOURCE Wood Partners

FAQ

What did Wood Partners and PGIM announce about Alta Watkins (PRU) on March 30, 2026?

They announced closing on the 357-unit Alta Watkins development in Morrisville, with construction starting in March 2026. According to the company, the community is slated to open by the end of 2028 and includes retail, workspaces and short-term stay units.

When will Alta Watkins (PRU) begin construction and when is it expected to open?

Construction breaks ground in March 2026 and the project is expected to open by the end of 2028. According to the company, the timeline covers development of 357 units and extensive amenity build-out near Research Triangle Park.

How many units and apartment types does Alta Watkins (PRU) include?

Alta Watkins comprises 357 units with one-, two- and three-bedroom layouts. According to the company, units feature stainless steel appliances, in-unit washers and dryers, quartz countertops, designer flooring and walk-in closets.

What amenities will Alta Watkins (PRU) offer residents and guests?

The community will offer resort-style amenities including a pool, fitness center with sauna, pet spa and rentable offices. According to the company, it also includes an on-site retail market, event space, golf lounge and short-term stay units.

Where is Alta Watkins (PRU) located and why is location important for investors?

Alta Watkins is in Morrisville between Research Triangle Park and Perimeter Park, adjacent to Wake Tech campus. According to the company, proximity to the life sciences hub and regional employers supports rental demand for professionals and students.

Who represented the seller and what recent local projects has Wood Partners started (PRU)?

Sarah Godwin and Karl Hudson with Foundry Commercial represented the seller. According to the company, Wood Partners also began construction on Alta Bethpage (336 units) and Alta Durham Summit (312 units) in 2025.