Upscale Apartments Slated for North Carolina
- Jul 05, 2013
Orlando, Fla.—A $40.1 million, Class A, 322-unit garden-style apartment community is on the drawing boards for Durham, N.C.
The result of a joint venture between real estate investment trust CNL Growth Properties and The Bainbridge Companies, the apartment community will be adjacent to Patterson Place shopping center, and will feature one-, two- and three-bedroom floor plans. Amenities will include an indoor/outdoor clubhouse, business center, fitness center, dog park, attached and detached garages, playground, landscaped pool deck and walking connection to a greenway trail.
The new community will be located halfway between the University of North Carolina at Chapel Hill and Duke University, and near The Research Triangle Park, situated in close proximity to the Raleigh-Durham International Airport.
“Several multifamily developers have delivered garden apartments along the 15-501 corridor connecting the UNC and Duke campuses,” Ron Perera, the senior development director for The Bainbridge Companies, tells MHN. “And all have leased up strongly and done well. Land is growing scarce, though, along this corridor, and new units have not been delivered in this area since 2010. Thus, there is some pent-up demand in this submarket for new rental units with modern finishes. Apartment sales in south Durham and the Triangle in general have also been very strong in the last 18 months.”
Also helping make the case for the property’s development were the synergies existing between the two members of the joint venture. “Bainbridge has many years of experience in multifamily development, a proven track record of success, and a reputation for providing great communities for its residents,” says Andy Hyltin, president and CEO of CNL Growth Properties. “We look forward to building our partnership with The Bainbridge Companies.”
Hyltin adds that this section of Durham is growing and is showing demand for upscale apartments such as this one. “We think the multifamily sector will continue to grow in markets such as this,” he adds.
The land on which the development will be built was zoned for multifamily, but the development is part of a master plan dating back to 1998, which made the planning process challenging at times.
“We had to work through some issues with old design guidelines and some previously committed off-site improvements,” Perera reports. “The land owners/master developers of Patterson Place have been very good to work with, and have helped us steer through some of these issues.”
Given the continued growth of the UNC and Duke University campuses and the areas surrounding them, apartments are in demand and will continue to be in demand for the foreseeable future, Perera says. “This project will supply residents with the modern floor plans, finishes and amenities that are in demand, packaged in a low cost-basis garden apartment community,” he adds.