Wood Partners, a multifamily real estate development, and PGIM Real Estate, the real estate investment and financing arm of PGIM, announced the grand opening of Alta Town Center, located in Raleigh, North Carolina.
Alta Town Center offers 336 apartment homes comprised of one-, two- and three-bedroom floor plans. Community amenities include a saltwater pool with poolside cabanas, outdoor grilling and lounge areas, outdoor fitness equipment, an on-site pet park and pet spa, and a community club house, residents with a 24-hour fitness center and coworking spaces.
“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.”
PGIM Real Estate invested in Alta Town Center through Impact Value Partners, its private equity impact fund that invests in affordable housing and transformative development.
Soultana Reigle, senior portfolio manager of U.S. value-add strategies at PGIM Real Estate, added, “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.”