The Bainbridge Cos. and its partner, Amzak Capital Management, have sold Bainbridge Lake Crabtree, a 200-unit, mid-rise apartment community in Morrisville, N.C.
The sales price was $46.5 million.
The buyer is RK Properties.
Bainbridge Lake Crabtree is located at 2599 Evans Road in the high-growth market of Morrisville and provides connectivity via nearby Interstate 40 to Research Triangle Park and downtown Raleigh. Completed in 2018, the 9.55-acre property comprises units averaging 1,015 square feet.
“With its third purchase in the Carolinas, RK Properties has invested in an asset boasting the Bainbridge Companies pedigree in one of the fastest-growing, tech-centric metros in the country,” s
