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.”