Wellington firm buys Carolina land for rental project

Miami /
May.May 29, 2016 12:00 PM

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


Related Articles

arrow_forward_ios
Brickell dev site hits market, broker expects it to fetch more than $25M
Brickell dev site hits market, broker expects it to fetch more than $25M
Brickell dev site hits market, broker expects it to fetch more than $25M
From left: Ronald Fieldstone, Scott Meyer, Carlos Rodriguez Jr., Logan Gans, Stevan Pardo and Jaime Sturgis (Twitter, iStock/Illustration by Alexis Manrodt for The Real Deal)
Opportunity Zone investors pour in ahead of key deadlines
Opportunity Zone investors pour in ahead of key deadlines
Gil Dezer (Photos by Sonya Revell)
The Closing: Gil Dezer
The Closing: Gil Dezer
Clockwise from left: A rendering of Water Street Tampa, Ian Schrager, Jeff Vinik, Patrick Mahomes, rendering of Tampa Edition, Bill Gates and Tom Brady (Photos via Getty; Water Street Tampa/Photo Illustration by Kevin Rebong for The Real Deal)
Development boom in Super Bowl city: Tampa reaches for its real estate moment
Development boom in Super Bowl city: Tampa reaches for its real estate moment
Ocean Bank CEO A. Alfonso Macedo and 4238 to 4242 Northwest Seventh Street (Google Maps)
Ocean Bank sells Miami dev site for $14M, buyer plans mixed-use project
Ocean Bank sells Miami dev site for $14M, buyer plans mixed-use project
Dan Deitchman and Koby Assaraf with a rendering of Industry | Oakland Park
Oakland Park developer partners with former Link Real Estate exec on new firm
Oakland Park developer partners with former Link Real Estate exec on new firm
Renderings of the project (Group P6)
Group P6 lands $69M construction loan for Boca Raton project
Group P6 lands $69M construction loan for Boca Raton project
Alex Sapir and Bella Sapir (Credit: Mark Von Holden/WireImage via Getty Images, and ADRIEL REBOH/Patrick McMullan via Getty Images)
Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside
Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...