Florida-Based Bainbridge Expands Into Triangle Apartment Market
- Sep 26, 2011
Raleigh, NC—Wellington, Fla.-based Bainbridge Cos. has opened a new office in Cary, N.C., with a goal of expanding its operations in the Triangle apartment market (Raleigh, Durham, Chapel Hill and environs, also known as the Research Triangle). The company says it plans to own and develop a number of new apartment property in the area, as well as pursue contracts to manage properties owned by other companies.
“We are seeing interest from our lenders and investors in high-quality infill multifamily development, typical to our business plan and pipeline in the Triangle market,” Thomas Keady, president of development for Bainbridge, tells MHN. “Strong class A sale transactions, limited new deliveries and solid rent growth in this market have created conditions for financing our type of development.”
Indeed, according to a recent report by Real Data, strong demand and limited new supply have driven occupancies in the Raleigh-Durham area to 93.9 percent, the highest rate since 1999. Developers are responding, with 1,000 new units beginning construction in the last six months, notes Charlotte, NC-based Real Data.
Even before opening its Cary office, Bainbridge had already taken an interest in the market. Recently the company added two more properties to its regional management portfolio. One was the New Haven Apartments and Townhomes in Durham, while the other was Bridgeport Apartments in Raleigh.
As part of its expansion, Bainbridge has hired Ron Perera as senior development director for the region. He is now responsible for sourcing and managing new development projects in North Carolina and southern Virginia.
Perera’s previous experience includes managing multifamily and mixed-use development projects for Wood Partners, where he oversaw the successful development of over 1,000 units in five projects. He also managed development of an additional 1,200 units for the ConAm Group of Companies in California.