Partnership Pays $70M for 344-Unit Residential Community in Cary

A partnership between Wellington, FL-based The Bainbridge Companies, LLC, and Austin, TX-based Virtus Real Estate Capital has secured $69.8 million for Aventura Crossroads, a 344-unit multifamily in Cary, NC.

The loan was originated by an affiliate of Walton Street Capital, LLC.

“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,” said Walton Street’s Luke Goodwin. “The property has strong in place credit metrics with attractive lease trade-out trends that will drive additional growth.”

The 2009-constructed garden-style multifamily is 98% occupied. Its one, two-, and three-bedroom floorplans average 1,154 square feet, and residents have access to clubhouse, fitness center, pet spa and pool. Aventura Crossroads is on Legacy Village Drive adjacent to retail and restaurants and close to Fenton, a new 92-acre, mixed-use development. The property also offers access to both downtown Raleigh and the Research Triangle market.