Wood Partners and PGIM Announce New Luxury Multifamily Community in Morrisville, North Carolina

The 357-unit Alta Watkins development will feature resort-style amenities and easy access to the Triangle's growing life sciences hub.

Mar. 30, 2026 at 2:05pm

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National multifamily developer Wood Partners has closed on a new 357-unit luxury apartment community called Alta Watkins in Morrisville, North Carolina, in partnership with global investment manager PGIM. The project, which will break ground this month, will offer residents an array of high-end amenities including a resort-level pool, outdoor courtyards, a pet spa, and rentable office spaces for remote work, along with easy access to the nearby life sciences hub and other major employers in the Triangle region.

Why it matters

The new Alta Watkins development represents Wood Partners' third major multifamily project to commence construction in the Raleigh-Durham area over the past year, underscoring the continued strong demand for high-quality rental housing in the rapidly growing Triangle region. The community's proximity to the area's thriving life sciences and technology sectors makes it an attractive option for professionals, students, and families seeking a convenient and amenity-rich living experience.

The details

Alta Watkins will feature a mix of one-, two-, and three-bedroom apartment layouts with premium finishes including stainless steel appliances, quartz countertops, and designer wood-style flooring. In addition to the resort-style pool and outdoor recreation areas, the community will offer an on-site retail market, remote work offices, event space, and short-term stay units for guests. The 357-unit development is located 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.

  • The project will break ground this month, March 2026.
  • Alta Watkins is slated to open by the end of 2028.

The players

Wood Partners

A national leader in the development and construction of multifamily communities across the United States, with involvement in the acquisition and development of more than 115,000 multifamily homes worth a combined $24 billion in capitalization.

PGIM

The global asset management business of Prudential Financial, Inc., with $218 billion in gross assets under management and administration as of December 2025, making it the world's second largest real estate investment manager.

Caitlin Shelby

Managing Director with Wood Partners.

Sarah Godwin

Representative with Foundry Commercial who represented the seller in the transaction.

Karl Hudson

Representative with Foundry Commercial who represented the seller in the transaction.

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What they’re saying

“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.”

— Caitlin Shelby, Managing Director, Wood Partners

What’s next

Wood Partners plans to continue its expansion in the Raleigh-Durham area, with the recent groundbreakings of the 336-unit Alta Bethpage in Durham and the 312-unit Alta Durham Summit, also in Durham.

The takeaway

The new Alta Watkins development in Morrisville, North Carolina represents Wood Partners' ongoing commitment to meeting the strong demand for high-quality, amenity-rich multifamily housing in the rapidly growing Triangle region, particularly in close proximity to the area's thriving life sciences and technology sectors.