RALEIGH, N.C.—CNL Growth Properties, a real estate investment trust (REIT) in the CNL family, entered into a joint venture with The Bainbridge Companies. The joint venture will develop a $40.1 million class A, garden-style multifamily community next to the Patterson Place shopping center in Durham, N.C.
“This section of Durham is a growing market and this development will meet the demand for luxury apartments in the area,” says Andy Hyltin, president and CEO of CNL Growth Properties. “We think the multifamily sector will continue to grow in markets such as this.”
The planned multifamily community will have 322 units in three-story residential buildings with one-, two-, and three-bedroom floor plans. The average unit size will be 961 square feet. Plans include an indoor/outdoor clubhouse, business center, fitness center, dog park, attached and detached garages, playground, a landscaped pool deck, and walking connection to a greenway trail.
The multifamily development site is located halfway between the University of North Carolina at Chapel Hill and Duke University. It is also near The Research Triangle Park, a research- and technology-focused office park housing more than 170 global companies, adjacent to the Raleigh-Durham International Airport.
This is CNL Growth Properties’ first joint venture with Bainbridge. Hyltin pointed to the company’s “many years of experience in multifamily development, a proven track record of success, and a reputation for providing great communities for its residents.”