Bainbridge Cos. JV Buys Luxury Community
The Research Triangle property last traded in 2019, for $70.5 million.
AXIS Crossroads. Image courtesy of Bainbridge Cos.
The Bainbridge Cos. has acquired, in a joint venture with Virtus Real Estate Capital, a 344-unit luxury multifamily community, AXIS Crossroads in Cary, N.C. The seller was Boston Capital, which acquired the community in 2019 in a $70.5 million transaction, according to Yardi Matrix data. The property was subject to a $69.8 million loan originated by Walton Street Capital, the same source shows.
Completed in 2009, the Class A property encompasses 17 buildings with one-, two- and three-bedroom units ranging between 820 and 1,592 square feet. Common-area amenities include a fitness center, business center, volleyball and basketball court, playground and swimming pool. In-unit amenities include washers and dryers, outside storage and private patios or balconies. Bainbridge is planning to renovate some of the community amenities and upgrade unit interiors, also introducing smart tech amenities.
Previously known as Aventura Crossroads, the property is located at 1010 Legacy Village Drive, near the intersection of interstates 40 and 440. There are many dining options, retail spaces, entertainment venues and green areas in the proximity. The UNC REX Hospital is within a 15-minute drive from the community.
Bainbridge Cos. recently developed a luxury community in Jacksonville, Fla. Bainbridge Avenue Walk is a 372-unit Class A property, for which the company received a $48.5 million construction loan.
