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CNL JV Developing $40M Multifamily in Durham

RALEIGH, N.C.—Find out who CNL Growth Properties is partnering with to develop a multifamily asset located halfway between the University of North Carolina at Chapel Hill and Duke University. I

By Jennifer LeClaire | Updated on July 05, 2013

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.”

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