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Bain Capital Real Estate and Magnolia Capital Acquire 300-Unit Multifamily Apartment Community in Raleigh-Durham

January 10, 2022

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Bain Capital Real Estate and Magnolia Capital Acquire 300-Unit Multifamily Apartment Community in Raleigh-Durham


Boston and Chicago, January 10, 2022 — Bain Capital Real Estate and Magnolia Capital today announced the acquisition of The Waterford Apartments (“The Waterford”), a  garden-style multifamily apartment community located in the Raleigh-Durham, North Carolina metro area. Financial terms of the private purchase were not disclosed. 

Centrally positioned in the growing Raleigh-Durham submarket of Morrisville, North Carolina, The Waterford is a 300-unit community totaling 257,064 square-feet. The property is conveniently located five minutes from Research Triangle Park, which is home to more than 275 companies and over 55,000 employees, making it the area’s single largest employment concentration. The community also benefits from proximity to both Downtown Durham and Downtown Raleigh, providing residents with easy access to the surrounding area’s shopping, dining, and entertainment destinations. The community was built in 2000 and is currently 93% occupied.  

The units feature spacious layouts in a diverse range of floor plans that are thoughtfully designed with comfort and convenience in mind. The community also has desirable amenities available to all residents, including barbeque and picnic areas, grilling stations, swimming pool and clubhouse, state-of the-art fitness center, car detail center, business center, and detached garages. 

“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.”  

“The recent acquisition of The Waterford with our partners at Bain Capital Real Estate reflects our continued conviction of the investment prospects in the Raleigh-Durham market, and we’re excited to transform an already fantastic apartment community for the benefit of our residents,” added Maxwell Peek, CEO & Managing Principal of Magnolia Capital.  

Newmark’s Vice Chairmen Sean Wood, John Heimburger, and Dean Smith, Senior Managing Director Alex Okulski and Managing Directors Jason Kon and John Munroe handled the transaction.

Bain Capital Real Estate and Magnolia Capital formed a joint venture in November 2020 to acquire, renovate and operate value-added multifamily housing, with an initial focus on compelling Sunbelt markets. The joint venture focuses on executing capital upgrades to unit interiors, building exteriors and amenity spaces, and improving property operations through proactive asset and property management strategies.

About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested over $5.6 billion of equity as of September 30, 2021 in over 475 assets across multiple sectors. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. For more information, visit https://www.baincapital.com/businesses/real-estate.


About Magnolia Capital Group 
Magnolia Capital is a vertically integrated real estate investment firm focused on identifying and creating value within the rental housing investment space. The company’s founding principals have a distinctive blend of institutional real estate investment experience combined with a deep knowledge of technology and operational efficiencies. Magnolia Capital has been involved in over $3.1 billion of multifamily and single-family real estate investments, representing 8,500+ units in 15+ markets across the United States. Magnolia Capital’s multifamily property management affiliate, STYL Residential, currently manages 16 assets representing 4,700+ units in 9 markets. For more information please visit www.magnoliacap.com.