Bainbridge Cos. JV Buys Luxury Community – Multifamily Real Estate News
The Bainbridge Cos. acquired, in joint venture with Virtus Capital Real Estatea 344 unit luxury multi-family community, AXIS Crossroads in Cary, NC The seller was Boston Capital, which acquired the community in 2019 in a $70.5 million deal, according to data from Yardi Matrix. The property was the subject of a $69.8 million loan from Walton Street Capitalthe same source shows.
Completed in 2009, the Class A property comprises 17 buildings with one-, two-, and three-bedroom units ranging between 820 and 1,592 square feet. Communal facilities include a fitness center, business center, volleyball and basketball court, playground, and swimming pool. Unit amenities include washers and dryers, outdoor storage, and private patios or balconies. Bainbridge plans to renovate some of the community amenities and upgrade unit interiors, also introducing smart tech conveniences.
Formerly known as Aventura Crossroads, the property is located at 1010 Legacy Village Drive, near the intersection of Interstates 40 and 440. There are many restaurants, retail spaces, entertainment venues, and green spaces nearby. UNC REX Hospital is less than a 15 minute drive from the community.
Bainbridge Cos. recently developed a luxury community in Jacksonville, Florida. Bainbridge Avenue Walk is a 372-unit Class A property, for which the company received a construction loan of $48.5 million.