Wood Partners and PGIM Close on Alta Watkins in Morrisville Near Research Triangle

Wood Partners, in partnership with PGIM, closed on the 357-unit Alta Watkins in Morrisville, North Carolina. PGIM is identified in the release as the world’s second largest real estate investment manager with $218 billion in gross assets under management and administration. The community is set to break ground this month and is slated to open by the end of 2028. Sarah Godwin and Karl Hudson with Foundry Commercial represented the seller.

"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."

Alta Watkins will offer a mix of one, two, and three bedroom layouts. In-unit features include stainless steel appliances, an in-unit washer and dryer, quartz countertops, custom cabinetry, designer wood-style plank flooring and walk-in closets. Community amenities called out in the release include a resort-level 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 also includes an on-site retail market, rentable offices intended for remote work, event space and short-term stay units for guests.

Located between Research Triangle Park and Perimeter Park, Alta Watkins sits adjacent to Wake Tech’s new community college campus and near the Spark Life Sciences community and Pathway Triangle Campus. The transaction underscores Wood Partners’ continued activity in Raleigh-Durham; this will be the firm’s third project to commence construction in the market in the last year, following Alta Bethpage and Alta Durham Summit, which broke ground in June 2025 and September 2025, respectively.

For owners, operators and investors focused on product strategy in the Triangle, the project illustrates continued developer interest in amenity-rich communities that respond to employment clustering and evolving resident expectations for flexible work and on-site services. Multifamily Leadership will continue to track developments in the market and report on how design, amenities and capital partnerships shape new supply in life science-anchored submarkets.