The Real Deal Miami

Wellington firm buys Carolina land for rental project

Apartment developer Bainbridge Companies has been active in Raleigh, North Carolina

May 29, 2016 12:00PM

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Bainbridge's Atria at Crabtree Valley Apartment Homes in Raleigh, NC

Bainbridge’s Atria at Crabtree Valley Apartment Homes in Raleigh, North Carolina

Wellington-based multifamily housing developer Bainbridge Companies paid $3.2 million for 9.7 acres in Morrisville, North Carolina, for a 200-unit apartment development.

Ginger Ackiss, senior development director at the Cary office of Bainbridge, told the Triangle Business Journal that construction of the apartment development should start in June.

Morrisville is located northwest of North Carolina’s capital city, Raleigh, and the Bainbridge development site is near the global technology campus of MetLife in Cary.

The apartment development, called Bainbridge Lake Crabtree, will have one-, two- and three-bedroom units. The amenities will include exercise equipment, a swimming pool, a dog park, and a bicycle storage and repair facility.

Bainbridge has been an active developer of apartment complexes in north Raleigh, where the company has built three, including one it sold in 2015 for $45.8 million to an affiliate of Boston-based AEW Capital Management. [Triangle Business Journal] — Mike Seemuth