Cush & Wake Secures $22M NC Community Sale
- Aug 16, 2017
After securing $40 million in loan financing for the construction of The Mosby Cool Springs, a 328-unit luxury community in Franklin, Tenn., Cushman & Wakefield Southwest Multifamily Advisory secured the sale of Bainbridge in the Park, a 216-unit community located in Durham, N.C. Dasmen Residential acquired the asset for $22 million. Marc Robinson, Jordan McCarley and Watson Bryant of Cushman & Wakefield represented the seller, PRG Real Estate.
Built in 1985, the 15, two-story buildings offer one- and two-bedroom units averaging 1,017 square feet with an average rental rate of $949 as of July. The luxury community offers amenities such as a washer/dryer in every unit, a resort-style pool, clubhouse with Wi-Fi, business center, 24-hour state-of-the-art fitness center and barbecue area. Additionally, Bainbridge in the Park is pet-friendly and offers a “bark park.”
Located at 2800 Bainbridge Drive in South Durham, N.C., on approximately 25 acres, the property is in close proximity to the world-renowned Research Triangle Park, Durham’s Southpoint Mall, North Carolina Central University, North Carolina State University, University of North Carolina and Duke University. Raleigh Durham International Airport is only a 10-minute drive away. According to Yardi Matrix, the community last traded in 2012, when PRG Real Estate purchased it for $13.6 million, or $62,962 per unit.
Image courtesy of Yardi Matrix