Source: Walton Street Capital
CARY, NC - An affiliate of Walton Street Capital originated a $69.8 million loan to a partnership between The Bainbridge Companies and Virtus Real Estate Capital for the acquisition of Aventura Crossroads, a 344-unit apartment community located at 1010 Legacy Village Drive in Cary, NC.
Built in 2009, the garden-style multifamily property is currently 98% occupied. The Property includes a variety of one-, two-, and three-bedroom floorplans offering large units that average 1,154 square feet. Amenities at the Property include a recently renovated clubhouse, upgraded fitness center, pet spa and outdoor pool. Aventura Crossroads is located adjacent to numerous retail and dining offerings and is nearby to Fenton, a 92 acre newly delivered, mixed-use development. The Property also offers convenient access to both downtown Raleigh and the booming tech and life science driven Triangle market.
“This was an attractive opportunity to finance the acquisition of a very well-maintained multifamily asset in an established yet rapidly growing market for two respected and experienced sponsors. We are excited to grow our relationship with both the Bainbridge and Virtus team,” said Hilary Caudle, Vice President with Walton Street.
“This loan exemplifies our core strategy of originating loans to knowledgeable sponsors on multifamily assets in markets that exhibit nation leading employment and population growth. The Property has strong in place credit metrics with attractive lease trade-out trends that will drive additional growth,” added Luke Goodwin, Senior Principal with Walton Street.
In 2022, Walton Street affiliates have closed or are in process of closing loans on multifamily projects totaling approximately 4,868 units across multiple high-growth markets.