CHICAGO–(BUSINESS WIRE)–A subsidiary of Walton Street Capital, LLC (“Walton Street”) has provided a $69.8 million loan to a partnership between The Bainbridge Companies, LLC (“Bainbridge”) and Virtus Real Estate Capital (“Virtus ”) for the acquisition of Aventura Crossroads (the “Property”), a 344-unit apartment community located at 1010 Legacy Village Drive in Cary, NC
Built in 2009, the garden-style multi-family property is currently 98% occupied. The property includes a variety of one-, two-, and three-bedroom floor plans offering large units averaging 1,154 square feet. Property amenities include a newly renovated clubhouse, upgraded fitness center, pet spa, and outdoor pool. Aventura Crossroads is located adjacent to numerous retail and restaurant offerings and adjacent to Fenton, a newly delivered 92-acre mixed-use development. The property also offers convenient access to downtown Raleigh and the booming technology and life sciences focused Triangle Market.
“This was an attractive opportunity to finance the acquisition of a very well maintained multi-family property in an established but rapidly growing market for two respected and experienced sponsors. We are delighted to grow our relationship with the Bainbridge and Virtus teams,” said Hilary Caudle, vice president of Walton Street.
“This loan exemplifies our core strategy of lending to knowledgeable sponsors on multi-family assets in markets that are showing nation-leading employment and population growth. The property has strong credit metrics in place with attractive lease exchange trends that will drive further growth,” added Luke Goodwin, Senior Director at Walton Street.
In 2022, Walton Street affiliates have completed or are in the process of completing loans on multi-family projects totaling approximately 4,868 units in multiple high-growth markets.
About Walton Street Capital, LLC: Walton Street is a privately held real estate investment firm which, since its inception in 1994 through its affiliates, has raised over $15 billion in capital commitments. Walton Street executives have collectively acquired, financed, managed and sold over $50 billion in real estate and have an average of 21 years of experience in the real estate industry. Senior management has collectively invested in and managed both equity and real estate debt through multiple real estate cycles over five distinct decades and more than 40 years, forging long-term and deep relationships with lenders, public real estate owners and private, operators, brokers, managers, and industry service providers. Through this diverse network, Walton Street has generated more than $10 billion in lending opportunities for its affiliates since its inception.
About The Bainbridge Companies, LLC: Bainbridge is a multi-family real estate company that has developed or acquired more than 40,000 rental units representing $7.3 billion in transactions since its inception in 1997, including more than $1 billion in total transactions in the last 12 months. With more than 650 associates nationwide, Bainbridge engages in all aspects of multifamily, including development, construction, financing, acquisitions, renovations, disposals and asset and property management. Bainbridge is headquartered in Wellington, Florida, with offices in: Atlanta; Austin; Charlotte; Washington D.C.; Dallas; Orlando; Raleigh; and Tampa. To learn more about Bainbridge, visit www.bainbridgecompanies.com.
About Virtus Capital Real Estate: Virtus, founded in 2003, is an active, data-driven and curious investor that delivers compelling results from cycle-resilient investments for all stakeholders. Through thoughtful evolution and resilience in difficult times, Virtus has deliberately worked to foster thriving communities that empower people to live better lives. Over the past 19 years, it has acquired 262 properties for a combined acquisition value of over $5.1 billion and fully completed 187 real estate investments. With a solid and well-established track record, Virtus has proven effective in all phases of the market cycle. For more information, visit www.virtusre.com.