New property located in top-performing Research Triangle market
WELLINGTON, Fla., Oct. 4, 2022 /PRNewswire-PRWeb/ -- The Bainbridge Companies (Bainbridge), a fully integrated family of real estate companies engaged in the development, construction/renovation, management, and acquisition of residential and commercial real estate as well as a leading owner, developer, and manager of luxury multifamily apartment communities, today announced the acquisition of its newest residential property, AXIS Crossroads (formerly Aventura Crossroads), in partnership with Virtus Real Estate Capital.
Located at 1010 Legacy Village Dr. in Cary, North Carolina, AXIS Crossroads is a luxury multifamily apartment community offering 344 one-, two-, and three-bedroom homes ranging from 709 to 1,485 square feet. The community features a recently upgraded clubhouse and fitness center, in addition to upgrades to approximately half of the units. Bainbridge plans to make minor renovations to the pool courtyard and interior apartments and will introduce iApartment featuring various smart tech amenities.
"AXIS Crossroads is a perfect example of Bainbridge executing its business plan. We take a hybrid approach to submarkets and whenever we find locations with huge barriers to build, we then see huge opportunities to buy," said Mark Stewart, Bainbridge's chief investment officer. "We're also excited to have this asset be our first venture with Virtus."
"This acquisition exemplifies Virtus' investment strategy of finding well-located value-add opportunities in high-growth markets," said Christopher Kott, managing director at Virtus Real Estate Capital. "We are excited to partner with Bainbridge to provide high-quality housing at an attainable price point in the Research Triangle submarket."
AXIS Crossroads is situated in the Research Triangle submarket, one of the top-performing and most sought-after markets in the Southeast. Its location offers easy access to retail, restaurants, and entertainment as well as a convenient commute to both downtown Cary and Raleigh.
About The Bainbridge Companies, LLC
Bainbridge is a multi-family real estate company that has developed and acquired more than 43,000 rental homes representing $7.5 billion in transactions since its inception in 1997. With over 650 associates nationally, Bainbridge engages in every step of the real estate process: from development and construction, acquisition, and disposition, to asset management and property management of multifamily real estate. Bainbridge is headquartered in Wellington, Fla., and has offices in Atlanta; Austin; Charlotte; Washington, D.C.; Dallas; Orlando; Raleigh, and Tampa. Learn more about Bainbridge at http://www.bainbridgecompanies.com.
About Virtus Real Estate Capital: Virtus, founded in 2003, is a hands-on, data-driven, curious investor that delivers compelling outcomes from cycle-resilient investments for all stakeholders. Through thoughtful evolution and resilience in challenging times, Virtus has purposefully worked to foster thriving communities that empower people to live better lives. Over the last 19 years, it has acquired 274 properties for a combined acquisition value of over $5.2 billion and has fully realized 191 property investments. With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle. For more information, please visit https://link.edgepilot.com/s/c2dbdb13/Rc0jCS9470aAZIbumO92Kw?u=http://www.virtusre.com/.
Media Contact
Katie Beecher, Abel Communications, 4109898585, [email protected]
SOURCE Bainbridge Companies
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