RK Properties Buys North Carolina Apartments
- Jul 01, 2019
RK Properties has acquired Bainbridge Lake Crabtree, a 200-unit, mid-rise apartment community in Morrisville, N.C., from a joint venture between The Bainbridge Cos. and Amzak Capital Management. The $46.5 million purchase was brokered by HFF.
Situated at 2599 Evans Road in the high-growth, well-connected market of Morrisville, between Raleigh and Durham, Bainbridge Lake Crabtree is a 1-year-old property that encompasses 9.5 acres. The community connects residents to major employment centers via nearby Interstate 40. Those job hubs include downtown Raleigh and Research Triangle Park, the largest research park in the U.S.
Abundant green space
Apartments average 1,015 square feet in size. Features and finishes include stainless steel appliances, white Shaker-style cabinets, quartz countertops, kitchen islands and combination walk-in showers with garden tubs. Leading the list of upscale amenities is a South Beach–style pool with sun deck and tree-lined sun shelf.
The community’s setting encourages recreation. The property offers adjacent access to the Cary-Morrisville Greenway and Trails System. Crabtree Creek, Crabtree Creek Greenway and the 37-acre Cedar Fork District Park are all situated nearby.
Leading the HFF team were Managing Directors Justin Good and Jeff Glenn, Senior Director Allen Lynch and Director Caylor Mark.
RK Properties is a 43-year-old company whose portfolio features approximately 4,000 units in the Southeast and Southwest. The purchase of Bainbridge Lake Crabtree represented the second North Carolina acquisition in two months for the company. Overall, it was the sixth acquisition for RK Properties’ in the Southeast since 2017.