RALEIGH, NC—Pricewaterhouse Coopers has pegged Raleigh as a growth city, pointing to the Millennial generation's fondness for this southern market, especially considering several projects underway are urbanizing Raleigh/Durham. Apparently, Wood Partners has read the report—or done enough homework on its own to decide to build a $40 million multifamily community there.

Wood is breaking ground this month on Six Sixteen, a 207-unit multifamily project on the site of a vacant office building next door to Cameron Village Shopping Center in Raleigh. Leasing is expected to begin in May 2016, and construction is expected to be complete in November 2017.

“Cameron Village is an historic Raleigh luxury retail and restaurant destination,” says Deb Anderson, development director for Wood's Raleigh-Durham office. “Six Sixteen will benefit as an adjacent luxury apartment community. Raleigh is a tremendous place to live, and being able to enjoy the downtown district while also living in a neighborhood that is home to upscale, boutique shopping and dining will make Six Sixteen a hit with our future residents.”

Designed by JDavis Architects, the multifamily community will include a four- and five-story building with 183,724 rentable square feet and 389 parking spaces on a 2.41-acre lot. Amenities include a courtyard with a pool, bocce ball courts, barbecue area and outdoor TV-viewing lounge, as well as an indoor TV lounge, a billiards lounge, a poker and wine-tasting room, a store-front fitness center with a virtual training room, a bike repair and maintenance room, a dog-grooming room, garage parking and indoor storage units. Six Sixteen will even offer a rooftop clubroom and patio overlooking the downtown Raleigh skyline.

“Wood Partners is a fully integrated company, and we will develop, build and ultimately manage the apartments at Six Sixteen,” says Anderson. Wood Residential Services, Wood's property management division, will manage the property at 616 Oberlin Road. Jim Anthony of Colliers International was the broker for the deal.

“This allows us to build apartments to the highest quality and then provide the highest level of customer experience,” Anderson says. “We have been a longtime developer in Raleigh and surrounding areas, and this will further our long relationship.”

Six Sixteen will offer easy access to major Wake County employers, including the State of North Carolina, IBM Corporation, WakeMed Health and Hospitals, and North Carolina State University. Cameron Village, with tree-lined streets and one-of-a-kind shops, restaurants and cafes, is Raleigh's premier shopping and dining destination.