Wood Partners, PGIM Break Ground on 357-Unit Alta Watkins Multifamily Development in Morrisville, NC

National multifamily developer Wood Partners and global asset manager PGIM have closed on a land acquisition in Morrisville, North Carolina, and will break ground this month on Alta Watkins, a 357-unit multifamily community situated between Research Triangle Park and Perimeter Park. The project is slated to open by the end of 2028.

The transaction was announced March 30, 2026. Sarah Godwin and Karl Hudson of Foundry Commercial represented the seller. No acquisition price was disclosed.

Project Overview and Amenities

Alta Watkins will offer a mix of one-, two-, and three-bedroom layouts featuring stainless steel appliances, in-unit washers and dryers, quartz countertops, custom cabinetry, designer wood-style plank flooring and walk-in closets. The community's amenity package includes a resort-style pool, three outdoor courtyards, outdoor games, a pet spa, a fitness center with a sauna recovery lounge, a golf lounge and a podcast lounge.

The property will also include an on-site retail market, rentable offices designed for remote work, event space and short-term stay units for guests.

"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."

Strategic Location in the Research Triangle

Alta Watkins is situated between Research Triangle Park and Perimeter Park, adjacent to Wake Tech's new community college campus and near the Spark Life Sciences community and Pathway Triangle Campus. Wood Partners cited the region's life sciences proximity as a key driver of the development decision.

Wood Partners Accelerates Raleigh-Durham Multifamily Pipeline

Alta Watkins represents Wood Partners' third multifamily development start in the Raleigh-Durham market within the past year. The firm broke ground on the 336-unit Alta Bethpage in Durham, North Carolina, in June 2025, and on the 312-unit Alta Durham Summit, also in Durham, in September 2025.

Headquartered in Atlanta, Wood Partners 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 maintains offices in 17 major markets. The firm is consistently ranked among the five largest multifamily developers in the United States.

About the Capital Partnership

PGIM, the global asset management business of Prudential, serves as the equity partner on the Alta Watkins development. PGIM manages $1.5 trillion in assets as of December 31, 2025, and carries $218 billion in gross real estate assets under management and administration. The firm was ranked the second largest real estate investment manager among 63 firms surveyed by Pensions & Investments in its November 2025 report, based on global real estate assets under management as of June 30, 2025.