Bain Capital Real Estate and Magnolia Capital have acquired The Waterford Apartments, a garden-style multifamily apartment community located in the Raleigh-Durham, North Carolina metro area.
The community contains 300 units totaling to 257,064 square feet. The property is located 5 minutes from Research Triangle Park, home to 275 companies and over 55,000 employees. The property was built in 2000 and is currently 93 percent occupied.
Since November 2020, Bain Capital and Magnolia have formed a joint venture concentrated on acquiring, renovating and operating value-added multifamily housing. The firms hope to execute capital upgrades to improve property operations through asset and management strategies.
“Morrisville is a thriving Raleigh-Durham submarket with attractive fundamentals and sustained job growth, highlighted by its proximity to top-tier employment nodes,” said Kavindi Wickremage, a managing director at Bain Capital Real Estate. “We believe The Waterford is a high-quality asset with meaningful value-add potential that aligns well with our residential investment strategy. We look forward to working with Magnolia Capital to enhance the community for current and future residents.”