Berkshire Lands $73M NC Luxury Community

Chapel Hill, N.C.—Berkshire Group announced the purchase of Alexan Chapel Hill in Chapel Hill, N.C., from a joint venture between Trammell Crow Residential and East West Properties. According to Orange County property records, the asset sold for $73 million. The 265-unit community features 13,560 square feet of retail space.

Located at 201 South Elliott Road, the property is less than four miles from the UNC campus and UNC hospital. The six-story building is next to the Whole Foods grocery store at Village Plaza. Local restaurants, shopping and entertainment options are also close. At almost two miles from the I-40, the apartment community is serviced by several local bus routes. According to Yardi Matrix data, the property features 164 one-, and 84 two-bedroom units, as well as 17 townhome-style units. Completed in 2017, Alexan Chapel Hill includes a fitness center, a business center, a saltwater swimming pool, a multi-level social hub with Wi-Fi and 4K TVs, as well as 289 parking spaces, an outdoor lounge with a fire pit and a pet salon.

“Chapel Hill is an ideal location for those that work in the Raleigh/Durham area and prefer to live somewhere with easy access to the city, major employers, great dining and a variety of shopping options,” said Berkshire Vice President Michael Krupp in a prepared statement.

The luxury community will be renamed Berkshire Chapel Hill.

Images courtesy of Berkshire Chapel Hill website