July 15, 2019
California-based multifamily owner-operator RK Properties acquired Bainbridge Lake Crabtree, a 200-unit mid-rise apartment community in Morrisville, NC for $46.5 million.
Located at 2599 Evans Rd., the nearly 10-acre community was completed in 2018. Features include chef-inspired kitchens, stainless steel appliances, quartz countertops, combination walk-in showers and garden tubs, triple-paned windows, Google fiber and Nest thermostats. Common-area amenities include a resort-style pool with sun deck, fitness center and an interior courtyard with fire pits.
Justin Good, Jeff Glenn, Allan Lynch and Caylor Mark of HFF represented the seller, The Bainbridge Cos., and its partner Amzak Capital. The deal was secured by HFF, prior to being acquired by JLL.
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