Berkshire Group has acquired Alexan Chapel Hill, a Chapel Hill, North Carolina-based 265-unit property, which includes 13,560 square feet of retail space. The sellers were Trammell Crow Residential and East West Properties. No financial terms were disclosed. Alexan Chapel Hill will be renamed Berkshire Chapel Hill.
BOSTON–(BUSINESS WIRE)–Berkshire Group announced the purchase of Alexan Chapel Hill in Chapel Hill, North Carolina, from a joint venture between Trammell Crow Residential and East West Properties. The 265-unit property, which features 13,560 square feet of retail space, will be renamed Berkshire Chapel Hill.
Berkshire Chapel Hill is located just 3.5 miles from the UNC campus and UNC hospital and is within walking distance of local restaurants, shopping and entertainment. The apartment community is also serviced by several local bus routes.
“Chapel Hill is an ideal location for those that work in the Raleigh/Durham area and prefer to live somewhere with easy access to the city, major employers great dining and a variety of shopping options,” noted Michael Krupp, Vice President, Portfolio Manager, Berkshire Group. “The acquisition of Berkshire Chapel Hill is an excellent example of our strategy of choosing boutique-style communities with high-end finishes and amenities in prime locations.”
Berkshire Chapel Hill features an outdoor lounge with a fire pit, a saltwater swimming pool with an entertainment area, bike repair and storage lockers, and a pet salon and grooming station. Apartment homes feature chef-inspired kitchens with designer cabinetry and tile backsplashes, stainless steel appliances, electronic keyless entry and oversized windows.
About Berkshire Group
Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience. In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The Company has experience in disciplines including acquisitions, portfolio and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. As of December 31, 2016, Berkshire Group had approximately $7.1 billion in real estate assets under management. For more information on Berkshire, please visit www.berkshire-group.com.