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| Bainbridge Lake Crabtree, a 200-unit, mid-rise apartment community at 2599 Evans Road in Morrisville, NC |
CHARLOTTE, NC – Holliday Fenoglio Fowler, L.P. (HFF)
announces it has closed the $46.5 million sale of Bainbridge Lake Crabtree, a
200-unit, mid-rise apartment community in Morrisville, North Carolina.
HFF marketed the property on
behalf of the seller, The Bainbridge
Companies, LLC and its partner, Amzak Capital Management, and procured
the buyer, RK Properties.
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| Justin Good |
Bainbridge Lake Crabtree is located
at 2599 Evans Road in the high-growth market of Morrisville and provides
connectivity via nearby Interstate 40 to Research Triangle Park and downtown
Raleigh.
Completed in 2018, the 9.55-acre property comprises units
averaging 1,015 square feet with high-end amenities, including chef-inspired
kitchens with islands, stainless steel appliance, quartz countertops and white
Shaker-style cabinets; combination walk-in showers and garden tubs; oversized,
triple-paned windows with marble window sills; Google fiber; and Nest
thermostats.
Luxury common-area amenities include a South Beach-style pool with
sun deck and tree-lined sun shelf; interior courtyard with fire pits, Edison
lighting, gazebo and grilling station; pet spa and pet bark park with canine
drinking fountain; exposed brick and glass-defined clubroom; and
state-of-the-art fitness center with yoga studio.
The HFF team was led by managing
directors Justin Good and Jeff Glenn, senior director Allan Lynch and director
Caylor Mark.
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| Allan Lynch |
“With its third purchase in the
Carolinas, RK Properties has invested in an asset boasting the Bainbridge
Companies pedigree in one of the fastest-growing, tech-centric metros in the
country,” Good said.
“Bainbridge Lake Crabtree
represents superior product in a location defined by connectivity and growth,
which is evident in its performance and market reception,” Glenn added.
Holliday GP Corp. (“HFF”) is a
North Carolina licensed real estate broker.
About The Bainbridge
Companies, LLC
The Bainbridge Companies is a
leading owner, developer and manager of luxury multifamily apartment
communities.
Founded in 1997, Bainbridge is a fully integrated family of
real estate companies engaged in the development, construction, management and
acquisition of residential and commercial real estate.
Bainbridge is
headquartered in Wellington, Florida, and Bethesda, Maryland, with regional
offices in Raleigh, North Carolina; Orlando, Florida; Atlanta, Georgia; Denver,
Colorado; and New York City.
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| Jeff Glenn |
Bainbridge’s team consists of over 600
passionate professionals across its offices and portfolio.
About Amzak Capital
Management
Amzak Capital Management is a
highly successful asset manager and private equity investor dedicated to wealth
preservation and generation.
With an entrepreneurial heritage having
being founded by a family that has successfully built, managed and exited
various businesses, Amzak takes an active and flexible approach to investment
management.
The firm primarily focuses on four investment strategies:
private equity, real estate, fixed income and healthcare, principally in the
Americas region.
About RK Properties
Since its
founding in 1976, RK Properties has purchased and managed over $1.5 billion in
multifamily apartment assets. RK Properties current portfolio includes
approximately 4,000 units in the southeast and southwest.
The company
offers multifamily replacement properties for 1031 tax deferred exchanges, as
well as DST and fund investment opportunities for accredited investors who are
seeking a real estate investment.
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| Caylor Mark |
As of this closing, RK Properties has
sponsored approximately 152 private placement programs, of which 134 programs
have gone full cycle.
Bainbridge Lake
Crabtree is RK Properties’ second North Carolina acquisition in two months, and
its sixth acquisition in the Southeast since 2017. The company plans to
continue its expansion in the region.
CONTACTS:
JUSTIN
GOOD
NC Lic.
#261333
HFF
Managing Director
(919)
573-4642
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3403
