Bainbridge Companies purchased about half of a 112-acre parcel south of The Avenues mall for $8.45 million Dec. 15 and intends to develop the 372-unit Bainbridge Avenues Walk apartment community.
Avenues Walk is across Philips Highway from The Avenues mall, and is adjacent to northbound lanes of Interstate 95.
The sale of the other half of the property will close in January, said Walker & Dunlop multifamily specialist Bobby Gatling.
Gatling, Brian Moulder and Dhaval Patel, multifamily specialists with Walker & Dunlop, represented the seller, Kimco Realty, in the transaction.
Construction is expected to begin in January. The property is entitled for up to 1,050 multifamily units.
The total site is 112 acres, with 68 usable acres. Around 44 acres are pond areas.
Bainbridge developed Bainbridge Town Center East apartments at 5000 Kernan Blvd. It operates other multifamily developments in Florida, Texas, Washington, D.C., Maryland, Virginia and North Carolina.