RALEIGH, NC – Wood Partners, a national leader in multifamily real estate development, announced the groundbreaking of its newest luxury residential community, Alta Vale, located in Raleigh, North Carolina. The community is scheduled to open in March 2023 with pre-leasing expected to start in early 2023.
“Wood Partners is excited to officially break ground on Alta Vale, which will provide a new level of luxury living for residents in and around the Raleigh area,” said Caitlin Shelby, Managing Director for Wood Partners. “Alta Vale will be a perfect addition to our existing North Carolina portfolio as we continue to see tremendous growth within Raleigh and the surrounding area.”
Once complete, Alta Vale will offer 306 apartments comprised of one-, two- and three-bedroom floor plans. Each of the property’s units will be equipped with modern, high-end finishes including quartz countertops, stainless steel appliances, tile backsplashes, in-home washer and dryer sets, and vinyl plank flooring throughout the kitchen, living room and baths.
Alta Vale will also provide residents with an expansive array of community amenities including a resort-style pool, an outdoor kitchen and lounge, an on-site dog park and access to the Crabtree Creek greenway trail. Inside, residents can also delight in the property’s luxurious club house complete with a state-of-the-art fitness center, resident café, game room, co-working and conference spaces, pet spa and ample entertainment areas. All common areas throughout the community will feature an urban design and will be equipped with high-speed internet hotspots to ensure no shortage of connectivity.
Located just outside the 440 Beltline in Raleigh, the forthcoming property’s prime location will provide residents with simple access to all the city’s most sought after offerings, including more than 100,000 jobs in downtown Raleigh, North Carolina State University, and the famed Research Triangle Park (RTP). Alta Vale also boasts proximity to many of Raleigh’s top retail and dining establishments, as well as the North Carolina Museum of Art, PNC Arena, Raleigh-Durham International Airport, and 5,600-acre Umstead State Park.
“We designed Alta Vale to provide residents with the best of both worlds—a modern, luxurious community to call home located in a prime location with direct access to Raleigh’s Crabtree Creek greenway,” added Shelby. “The addition of Alta Vale comes on the heels of Wood Partners’ significant growth in the Raleigh market in 2021, including the recent openings of Alta Davis in Morrisville and Alta Wren in Cary. We look forward to welcoming new residents home early next year and continue to seek out new opportunities to bring our unique brand of high-end living to additional locations throughout the Research Triangle.”

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DAVIE, FL – Walker & Dunlop, announced that it structured $67,000,000 in financing for Zona Village, a Class-A multifamily property located in Davie, Florida, a high growth submarket within the Ft. Lauderdale MSA. Recently completed in 2021, the midrise building is comprised of 201 multifamily units and 16,500 square feet of ground floor retail space.
Walker & Dunlop’s Tom Melody, Eric McGlynn, Jonathan Paine, and Wes Wallace leveraged their wide range of capital sources, ultimately identifying a national life insurance company as the lender and securing the proceeds to refinance Zona Village. The team delivered a 10-year, non-recourse loan with a fixed interest rate for their client, Ceiba Groupe, to replace the existing construction financing.
“Walker & Dunlop’s team did an brilliant job of canvassing the capital markets as a whole, ultimately securing a financing solution that met each of Ceiba Groupe’s key objectives and goals,” said Adam Bedzow, Managing Principal of Ceiba Groupe. “With its mixed-use, structured parking, enclosed corridors, resort-style pool deck, and all the amenities just an elevator ride away, Zona Village represents a new way of living in the Town of Davie.”
Mr. Melody added, “This transaction exemplified the capital markets’ strong appetite for Class-A multifamily. We worked closely with the owner and lender to craft creative sizing covenants to support Zona Village’s ongoing and rapid rent appreciation. Together, we were able to achieve Ceiba Groupe’s target proceeds and provide a long-term, permanent financing solution for the asset.”
Of 71,000 multifamily properties surveyed across the United States, Zona Village ranked in the top 40 on the Online Reputation Assessment (ORA) Score Power Rankings, which is an aggregate composition of property ratings across various review sites. Zona Village’s ideal location in Davie places the property less than eight miles from downtown Fort Lauderdale, 22 miles from Downtown Miami, and near primary regional arteries including Interstate 595 and the Florida Turnpike. The community also provides residents with an impressive amenity package, including an expansive resort-style pool, conference room and working stations, comprehensive fitness facilities, an on-site pet spa, bike storage, on-site retail, and a spacious resident lounge.

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PHILADELPHIA, PA – Newmark announced it has completed the sale of 1500 Locust, a 45-tale, mixed-use multifamily building in the well-known Rittenhouse Square Submarket of Center City Philadelphia. The 612-unit property sold for $233 million, the largest single-asset sale in the history of Philadelphia’s multifamily market.
Newmark Executive Managing Directors Lizann McGowan Erin Miller represented the seller, Barings, which traded the asset on behalf of an institutional client. The asset was buyer Fairstead’s first acquisition inPhiladelphia. Transaction Manager Marybeth Farrisand Financial Analyst Chris Koehler provided support on the transaction.
“1500 Locust offered a generational investment opportunity to buy a landmark mixed-use asset in one of the nation’s most prestigious and highly sought-after submarkets,” said McGowan.
Miller added, “Having been under institutional ownership for more than three decades, the property has been meticulously maintained to blend the latest in modern living with the exceptional construction of the original design.”
Totaling 828,679 yucky square feet, 1500 Locust comprises 612 multifamily units, 7,770 square feet of street-level retail and a 398-space parking garage. The asset features a mix of studio, one-, two- and three-bedroom units with an average unit size of 852 square feet. Property amenities encompass the entire 45th Floor, offering panoramic views of Center City. Amenities include resident lounge with catering kitchen, state-of-the-art fitness center, 10-seat theater room, glass-enclosed heated rooftop swimming pool with retractable windows and expansive roof deck with private cabanas and grilling areas. The street-level retail is occupied by two full-service restaurants, Blume and Fado Irish Pub, offering residents convenient dining options.
1500 Locust is strategically located at the confluence of three prominent neighborhoods in Center City– Rittenhouse Square, the Avenue of the Arts and the West Market Street office corridor. The property is situated on the southwest corner of 15th and Locust Streets, placing it four blocks from Rittenhouse Square Park, the most coveted residential address in the City of Philadelphia; one block south of Rittenhouse Row, the City’s high street retail and restaurant corridor; and four blocks south of the West Market Street office corridor. Additionally, 1500 Locust is one block from Philadelphia’s well-known “Avenue of the Arts,” which is home to the historic Academy of Music, the Kimmel Center for the Performing Arts, The Merriam Theater, The Wilma Theater and The Suzanne Roberts Theater.

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