Wood Partners and GrayCo Capital Advisors Break Ground on 301-Unit Alta Meadowlands in Hillsborough, N.C.

Wood Partners and partner GrayCo Capital Advisors will break ground this month on Alta Meadowlands, a 301-unit multifamily community in Hillsborough, North Carolina, near Chapel Hill and Durham, the firms announced Nov. 10. The community is expected to be completed in spring 2028 and will be located in the Meadowlands business park.

Alta Meadowlands is Wood Partners' first development in Hillsborough and its fifth active project in the Triangle region.

Alta Meadowlands Project Details

Wood Partners acquired the site from Duke Health. Pickett Sprouse Commercial Real Estate brokers Emilee Collins, CCIM, and Mark O'Neal, CCIM, represented the seller.

The community will include 146 one-bedroom, 135 two-bedroom and 20 three-bedroom homes. Ten percent of the homes, or roughly 30 units, will be income-restricted, with a focus on bringing more workforce housing to the area. The announcement describes Alta Meadowlands as the first higher-density, elevator-served apartment community in Hillsborough.

A clubhouse will anchor the amenity package, with a fitness center, co-working space, and gaming and lounge areas. Outdoor amenities will include a swimming pool, a dog park and a pet spa. Each home will feature granite countertops, shaker-style cabinetry and vinyl plank flooring.

The site is adjacent to the Orange County Sportsplex and close to UNC Health's Hillsborough campus. Interstates 85 and 40 are a short drive away, putting Durham and Chapel Hill within easy reach. As part of the project, Wood Partners will build a sidewalk path connecting the senior housing community behind the site to the Sportsplex.

Developer Comments on Hillsborough Workforce Housing

"Hillsborough has a growing workforce with limited multi-family residential options," said Caitlin Shelby, managing director at Wood Partners. "Alta Meadowlands will give people who work in Orange County a high-quality home at an attainable price, with downtown Hillsborough minutes away and Durham and Chapel Hill an easy drive."

Collins, one of the brokers who represented Duke Health, also commented on the project. "I am pleased this property will be used for workforce housing," Collins said. "Housing is in short supply in this area, and Alta Meadowlands will offer people who work in Orange County an affordable, appealing place to live. It will also add to the county's property tax base. With a nearby bus stop and easy access to I-85, it is an ideal location for multi-family housing."

Wood Partners' Triangle Pipeline

In addition to Alta Meadowlands, Wood Partners' active Triangle projects include the 280-unit Altera Heights in Apex, the 357-unit Alta Watkins in Morrisville, the 336-unit Alta Bethpage in Durham and the 312-unit Alta Durham Summit in Durham. The four other projects total 1,285 units; with Alta Meadowlands, the named Triangle pipeline totals 1,586 units.

Wood Partners, headquartered in Atlanta, says it 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, and has offices in 17 major markets.

GrayCo, Inc., based in Richmond, Virginia, describes itself as a fully integrated multifamily investment management company that has invested in garden and mid-rise multifamily properties in major southeastern metropolitan areas since 1992. The company uses its own capital and capital raised in commingled, finite-life funds to acquire stabilized multifamily properties and to provide equity to developer partners for new multifamily development.

Raleigh-Durham Multifamily Market Context

The groundbreaking comes as new multifamily construction in Raleigh-Durham slows after a period of heavy deliveries. More than 33,000 apartments have been delivered in the market since 2023, according to Cushman & Wakefield data. Northmarq reported that about 1,300 units came online in early 2026, compared with more than 26,000 units completed during 2024 and 2025, and expects 2026 deliveries to fall by more than 60% from 2025 levels.

In the third quarter of 2026, Raleigh-Durham absorbed 1,113 units, and vacancy stood at 5.6%, according to Matthews. The region had 5,863 units delivered over the prior 12 months, down 42% from the preceding trailing-year period. Apartments under construction represented 8.1% of existing inventory, with construction concentrated in East Durham. Average multifamily cap rates were 5.31%, and average pricing was about $213,000 per unit.

Northmarq reported roughly 2,600 units of second-quarter absorption, more than twice the number of deliveries, which helped reduce vacancy. Asking rents remain under pressure, and Northmarq expects rents to soften during the second half of 2026. The broader market recorded a stabilized occupancy rate of 93.1% in early 2026, down 70 basis points year over year, while asking rents rose 0.1% on a trailing three-month basis.

A separate market outlook projects Durham vacancy could exceed 13% by late 2027, with Durham's construction pipeline representing about 8.4% of existing inventory. Alta Meadowlands' spring 2028 completion date places it after the region's heaviest recent wave of deliveries, though it will still compete with Durham's development pipeline.

Outlook

With construction starting this month, Alta Meadowlands adds 301 apartments, including roughly 30 income-restricted homes, to a Hillsborough market that Wood Partners describes as having limited multifamily options. The project extends the firm's presence in the Triangle as regional supply moderates from its recent peak.

Sources

• PR Newswire: Wood Partners to Break Ground on 301-Unit Alta Meadowlands in Hillsborough, North Carolina
• Wood Partners: Wood Partners to Break Ground on 301-Unit Alta Meadowlands in Hillsborough, North Carolina