RALEIGH, NC – National multifamily developer Wood Partners closed on Alta Watkins in Morrisville, North Carolina in partnership with PGIM, the world’s second largest real estate investment manager with $218 billion in yucky assets under management and administration. The 357-unit multifamily community will 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 in the transaction.
“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 simple access to the Triangle’s leading employers and institutions.”
Alta Watkins’s amenities include a resort-level pool, three outdoor courtyards, outdoor games, a pet spa, a state-of-the-art fitness center with a sauna recovery lounge, golf lounge and podcast lounge. Additionally, the property uniquely offers an on-site retail market, rentable offices designed for remote work, event space and small-term stay units for guests.
Alta Watkins features a mix of one-, two-, and three-bedroom layouts with stainless steel appliances, an in-unit washer and dryer, quartz countertops, custom cabinetry, designer wood-style plank flooring and walk-in closets. The community is located in the heart of the Triangle, wedged between Research Triangle Park and Perimeter Park. Alta Watkins is adjacent to Wake Tech’s new community college campus, and around the corner from the Spark Life Sciences community and Pathway Triangle Campus.
This will be Wood Partners’ third project to commence construction in the Raleigh-Durham area in the last year. Most recently, the firm broke ground on the 336-unit Alta Bethpage in Durham, North Carolina, in June 2025 and the 312-unit Alta Durham Summit in Durham, North Carolina, in September 2025.

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IRVINE, CA – MBK Rental Living, a preeminent lifestyle developer of apartment communities, announced that leasing has begun at Las Brisas, a 340-unit luxury community in Santa Maria, California. The highly anticipated Santa Barbara County property is now leasing and open for go-ins.
“Las Brisas was designed with intention—bringing together the comforts of modern living with the natural beauty of the Santa Maria landscape,” said Ken McCarren, President of MBK Rental Living. “Our goal is to make communities where residents feel inspired, can unwind, and build meaningful connections with their neighbors. Las Brisas embodies this vision throughout every aspect of the community, both inside the homes and across the shared spaces.”
Las Brisas features a variety of layouts, including one-, two-, and three-bedroom apartments ranging from 739 square feet to 1,295 square feet. Each unit features spacious living areas and open floor plans with natural light, designer finishes, modern appliances and private patios or balconies.
Community amenities available to all residents include a resort-style swimming pool, 24-hour fitness center, communal gathering spaces, co-working space, dog spa and adjacent dog park, playground and pocket parks throughout.
As part of MBK Rental Living’s ‘With Our World’ sustainability program, the community blends conscious design with high performance to provide healthier, more comfortable living environments for residents. Elements include EV charging stations, energy-efficient LED lighting and Energy Star appliances, low or no VOC materials, bicycle racks, and a weekly recycling program.
Located in the southern region of California’s Central Coast in Santa Barbara County, Las Brisas offers access to numerous shopping and dining destinations, championship golf courses, state-of-the-art sports facilities, and cycling and hiking routes. Local festivals and events bring the broader community together year-round, and with both US-101 and SR-135 nearby, well loved beaches and award-winning wineries are a small drive away. Santa Maria is also home to several thriving industries including aerospace, communications, high-tech research and development, energy production, military bases and manufacturing.
“We experienced strong momentum in Santa Maria with Azure, a community we developed in 2020 and successfully sold in 2023,” McCarren said. “That success underscored the continued demand for distinguished rental living options that serve families, young professionals, and residents seeking a high‑quality living experience. With Las Brisas, we’re proud to continue contributing to the growth and vitality of this thriving community.”
MBK Rental Living is currently leasing several additional apartment communities across the state, including Vida in Morgan Hill, The Haven in Petaluma, and Ona in Natomas in Northern California with their JV partner Hines, as well as Solana in Duarte and Zia in Anaheim in Southern California. Plans are set for two additional new communities to start leasing in 2026, Vintage Farms in Murrieta and The Sanctuary in Thousand Oaks.

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BETHESDA, MD – Walker & Dunlop announced that it has arranged the joint venture partnership between AIP, Pointsfive, and Bridge Investment Group for the landmark $132 million redevelopment of the former Greyhound Bus Station in Richmond, Virginia into a multifamily community.
The firm secured the equity, in addition to an $85.6 million construction financing with Madison Realty Capital. Upon completion, the 550,000-square-foot project will deliver 386 Class A residences and over 14,000 square feet of retail in Richmond s Scott s Addition District, one of the city s fastest-growing neighborhoods.
We are honored to collaborate with this exceptional best-in-class partnership. Together, we will bring a world-class residential experience, with curated urban retail spaces that emphasize street-level activation and urban connectivity, unrivaled amenities, and sustainably focused design to life in this historic location, said Scott Allen, founder and CEO of AIP.
This submarket has all the qualities we look for in a multifamily development location: walkability, unique mixed-use urban character, day and night entertainment drivers, and consistently strong renter growth relative to supply, said Tristan Nadal, founder and CEO of Pointsfive.
Walker & Dunlop Capital Markets Institutional Advisory and Equity & Structured Finance served as exclusive advisor to co-developers, AIP and Pointsfive. Mo Beler, Jonathan Paine, Heather McClure, Cory Elbaum, Michael Williams, and Jackson Irwin arranged the venture equity investment from Bridge Investment Group while Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Sean Reimer, and Michael Brown secured construction financing with Madison Realty Capital.
This transaction and development reflect the strength of one of the Mid-Atlantic s fastest-growing urban submarkets of Richmond, Virginia and the exceptional quality of this multifamily development and sponsorship, said Beler, senior managing director of Capital Markets and co-head of Equity & Structured Finance at Walker & Dunlop. Scott s Addition continues to benefit from strong fundamentals, including steady rent growth, projected household expansion, and a well-documented shortage of quality housing driven by population and employment growth. We re proud to have partnered with AIP, Pointsfive, Bridge Investment Group, and Madison Realty Capital to capitalize this iconic project and bring it to fruition.
Scott s Addition has undergone one of the most remarkable urban transformations on the East Coast, evolving from a silent industrial warehouse district into Richmond s most vibrant walkable neighborhood in less than a decade. Today, in less than one square mile, it is home to more than a dozen craft breweries, destination James Beard-nominated restaurants, boutique fitness studios, coffee shops, retailers, creative office spaces, and multifamily housing — all connected by tree-lined sidewalks and a growing network of bike infrastructure.
The neighborhood s industrial bones give it an authenticity that purpose-built mixed-use districts struggle to replicate, attracting a young professional demographic that prioritizes urban lifestyle. With the adjacent $2.4 billion Diamond District redevelopment, the largest redevelopment in the city s history, and the new minor league ballpark to the east (home to the Double-A Eastern League affiliate of the San Francisco Giants), Scott s Addition is transitioning from Richmond s best-kept secret to its most institutionally developed submarket.
The property at 2910 North Arthur Ashe Boulevard is within a federally designated Qualified Opportunity Zone and provides long-term investment benefits. The site, formerly a Greyhound bus terminal and service depot, will be cleared for redevelopment. The development team has made an architectural design that enhances urban connectivity and engagement, with an expansive residential porte-cochere along West Boulevard complementing enlarged sidewalks, corner retail plaza, and over 400 linear feet of retail-forward presence on North Arthur Ashe Boulevard. Residents will benefit from three outdoor open-air courtyards and over 55,000 square feet of indoor and outdoor amenities.
Upon completion, residents will delight in one of the most walkable urban neighborhoods and, with direct access to I-64, I-95, and Highway 250, will be able to connect to Richmond s broader network of cultural institutions, outdoor park system, trail networks, and the James River. Construction is set to commence in the second quarter of 2026.

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