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

Wood Partners and Marcus Partners have broken ground on Altera Heights, a 280-unit multifamily community in Apex, North Carolina. The project 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 development will include a mix of 1-bedroom, 2-bedroom, and 3-bedroom units. The company stated that Altera Heights will offer upscale living at cost-effective rates and will include income-restricted affordable housing units.

Wood Partners began work on the site in fall 2023 and secured approval from the Town of Apex through an approach centered on attainable housing.

"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. This marks the firm's first ground-up development in the Raleigh-Durham market. The project is being led by Marcus Partners' recently launched Atlanta office as part of the firm's expansion across the Southeast.

"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.

According to the announcement, amenities will include a clubhouse with a fitness center, co-working space, gaming and lounge areas, a resort-style 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. Altera Heights represents Wood Partners' fourth project to commence construction in the Raleigh-Durham area in the last year, following projects in Morrisville and Durham totaling 1,005 units.