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.
“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,” said Michael Krupp, vice president and portfolio manager at 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.”