Jones Day has advised Trammell Crow Residential in the $72.75 million sale of Alexan Chapel Hill to Berkshire Group.
The Boston-based real estate management firm Berkshire Group has purchased the new Alexan Chapel Hill apartments development for $72.75 million, according to Orange County property records.
Berkshire purchased the Alexan, located on Elliot Road next to the Whole Foods-anchored Village Plaza, from the developers Trammell Crow Residential and East West Partners.
The 265-unit luxury apartment building has one-bedroom and two-bedroom floor plans available for lease — ranging in price from a $1,427-per-month, one-bedroom apartment to a $2,750-per-month, two-bedroom apartment.
The six-story building also features more than 13,500 square feet of retail. The restaurant Living Kitchen opened its second Triangle location there in February, and Salon Lofts, a beauty salon, has also opened there.
The development will be renamed Berkshire Chapel Hill.
Berkshire, which has approximately $7.1 billion in real estate assets under management, owns several developments in the Triangle, including Berkshire Ninth Street in Durham and Berkshire Cameron Village in Raleigh.
The real estate group paid $77 million for Berkshire Ninth Street in 2015 and $76.8 million for Berkshire Cameron Village in 2014. Berkshire also owns the 208-unit Berkshire Main Street apartments in Durham.
Jones Day has advised Trammell Crow Residential on the deal with a team led by Real Estate partner Michael Ording.
Involved fees earner: Michael Ording – Jones Day;
Law Firms: Jones Day;
Clients: Trammell Crow Company;