CHARLOTTE, NC – Beach Investment Fund, an affiliate of The Beach Company, has purchased the off-market Bennington Woods, a 134-unit community in Cary, NC, for $22.4 million.
Bennington Woods is located at 200 Spartacus Court, favorably situated within the Raleigh-Triangle MSA. The nearby Highway 64 feeds directly to downtown Raleigh, NC State University, and broader regional economic drivers, such as the Research Triangle Park. The property was completed in 1996 and is 97% leased with an average apartment size of 943 sq. ft. Community amenities include a resort-style pool, outdoor kitchen, and a variety of recreation uses including access to the adjacent Speight Branch Greenway and hiking trails.
CBRE’s Charlotte-based Nate Sittema and Kristen Reilley secured a ten-year floating rate agency loan for the buyer. CBRE’s Charlotte-based Kevin Kempf and CBRE Raleigh’s Howard Jenkins represented the seller, Chaucer Creek Capital, LLC, on the sale of Bennington Woods.
“Cary continues to attract residents drawn by the area’s abundant restaurants and retail offerings, first-class education, medical systems, and luxury golf communities,” said Leonard Way, Senior Vice President at Beach Investment Management. “Bennington Woods represents our second Cary acquisition over a three-month period, and we anticipate continued investment in this growing market.”
Beach acquired Amberwood at Lochmere in October of 2019 with the assistance of CBRE. This 204-unit apartment complex is located directly adjacent to Bennington Woods. The new owner plans to manage the two assets together, consolidate branding under Amberwood at Lochmere, and benefit from the efficiencies of the larger 340-unit apartment complex.
“Operating the properties together will not only create immediate efficiencies but will additionally double the amenity offerings for tenants of each community, creating long-term value for both investors and residents,” said Darby Parker, Acquisitions Manager, Beach Investment Management.
Beach plans to undertake a variety of exterior and amenity upgrades throughout this larger community (including the renovation of both clubhouses) and will complete the interior renovation program currently underway at the former Bennington Woods. This acquisition marks the third for the Fund, which launched in June of 2019.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com
About Beach Investment Fund LP: Charleston, S.C. based Beach Investment Fund acquires multifamily assets in the Southeast U.S., and is a discretionary fund aimed at implementing a clear, discernible strategy to improve operations, increase cash flow and ultimately create significant value for both residents and investors.
About Beach Investment Management LLC: Charleston, S.C. based Beach Investment Management is an institutional fund sponsor focused on the multifamily real estate sector. Launched in 2018, Beach Investment Management acquires multifamily assets in the Southeast U.S. for the Beach Investment Fund.
About The Beach Company: The Beach Company has a 75-year history of investing in, developing, and managing multifamily assets of all class types throughout the Southeast. This privately held organization is a vertically integrated, full-service real estate platform with the talent in place to execute its intended strategies. Over the past 75 years, the Company has invested in numerous projects throughout the southeast. The Company has a reputation for financial performance and benefits from its positive brand image and reputation. To learn more, visit: www.thebeachcompany.com