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.
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.
“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. 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. 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.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.