Wood Partners and Marcus Partners Break Ground on 280-Unit Altera Heights in Apex NC

By Multifamily Summit

Wood Partners and Marcus Partners have broken ground on Altera Heights, a 280-unit multifamily community in Apex, North Carolina. The development is scheduled for completion by the end of 2027.

The community is located at the intersection of Jenks and Wimberly roads in the Raleigh suburb. According to the announcement, the project will include a mix of 1, 2, and 3 bedroom units and will feature income-restricted affordable housing units.

Wood Partners began work on the site in fall 2023 and secured approval from the Town of Apex. The company stated its approach centered on attainable housing to address the area's evolving needs.

"Great communities begin with collaboration," said Caitlin Shelby, Managing Director at Wood Partners. "From the beginning, our goal was to create a community that responds to Apex's evolving housing needs while complementing the town's long-term vision. We're grateful for the partnership of the Town of Apex and Marcus Partners in bringing this project to life."

Marcus Partners is providing equity for the development. The company announced this marks its first ground-up development in the Raleigh-Durham market and is being led by its recently launched Atlanta office.

"We believe Altera Heights combines a strong location, compelling market fundamentals, an attractive basis, along with the opportunity to partner again with Wood Partners on a high-quality multifamily development," said Andrew Dolinsky, Partner, Investments at Marcus Partners. "This project is an important milestone as we continue expanding our investment activity across the Southeast."

Planned amenities include a freestanding clubhouse with a fitness center, co-working space, gaming and lounge areas, a resort-style swimming pool, outdoor fitness area, dog park and pet spa. Units will feature luxury vinyl plank flooring, quartz countertops, tile kitchen backsplashes, shaker-style cabinetry and premium fixtures.

The site is located approximately 15 minutes from Research Triangle Park. This is Wood Partners' 4th project to begin construction in the Raleigh-Durham area in the last year, following the 357-unit Alta Watkins in Morrisville, the 312-unit Alta Durham Summit, and the 336-unit Alta Bethpage, both in Durham.