Orlando, FL (PRWEB) July 01, 2013
CNL Growth Properties, a real estate investment trust (REIT) focused on providing capital appreciation for investors, has entered into a joint venture with The Bainbridge Companies (Bainbridge) to develop a $40.1 million Class A, garden-style apartment community adjacent to the Patterson Place shopping center in Durham, N.C.
This is CNL Growth Properties’ first joint venture with Bainbridge, which has headquarters in Wellington, Fla., and Bethesda, Md.
“Bainbridge has many years of experience in multifamily development, a proven track record of success, and a reputation for providing great communities for its residents,” said Andy Hyltin, president and CEO of CNL Growth Properties. “We look forward to building our partnership with The Bainbridge Companies.”
The Class A rental community will have 322 units in three-story residential buildings with one-, two-, and three-bedroom floor plans, and an average unit size of 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 community will be centrally located halfway between the University of North Carolina at Chapel Hill and Duke University. It will also be located 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 section of Durham is a growing market and this development will meet the demand for luxury apartments in the area,” said Hyltin. “We think the multifamily sector will continue to grow in markets such as this.”
To date, CNL Growth Properties, formerly Global Growth Trust, and its subsidiaries have committed to invest more than $235 million in multifamily development projects.
CNL Growth Properties is advised by CNL Global Growth Advisors, LLC, which is an affiliate of the REIT’s sponsor, CNL Financial Group.
About CNL Growth Properties, Inc.
CNL Growth Properties, Inc. is a non-traded real estate investment trust (REIT) strategically designed for growth. The REIT seeks commercial real estate investment opportunities in growth-oriented markets with a focus on multifamily development. For more information, visit http://www.CNLGrowthProperties.com.
About CNL Financial Group
CNL Financial Group (CNL) is a leading private investment management firm providing global real estate and alternative investments. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $26 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit http://www.cnl.com.
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