An Affiliate of Walton Street Originates Loan to the Bainbridge Companies and Virtus Real Estate Capital for the Acquisition of Aventura Crossroads, a Multifamily Community

An affiliate of Walton Street Capital, L.L.C. ("Walton Street") originated 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

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Aventura Crossroads, a 344-unit apartment community in Cary, NC (Photo: Business Wire)

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.

About Walton Street Capital, L.L.C.: Walton Street is a private equity real estate investment firm that, since its inception in 1994 through its affiliates, has raised over $15 billion of capital commitments. Walton Street’s principals have collectively acquired, financed, managed, and sold over $50 billion of real estate and have an average of 21 years of real estate industry experience. Senior management has collectively invested and managed both real estate equity and debt through several real estate cycles over five separate decades and more than 40 years, forging long-term and deep relationships with lenders, public and private real estate owners, operators, brokers, managers, and industry service providers. Through this diverse network, Walton Street has sourced over $10 billion in lending opportunities for its affiliates since inception.

About The Bainbridge Companies, LLC: Bainbridge is a multifamily real estate company that has developed or acquired more than 40,000 rental homes representing $7.3 billion in transactions since its inception in 1997, including over $1 billion in total transactions in the last 12 months. With over 650 associates nationally, Bainbridge engages in every aspect of multifamily, including development, construction, finance, acquisitions, renovations, dispositions, and asset and property management. Bainbridge is headquartered in Wellington, FL, and has offices in: Atlanta; Austin; Charlotte; Washington, DC; Dallas; Orlando; Raleigh; and Tampa. Learn more about Bainbridge at www.bainbridgecompanies.com.

About Virtus Real Estate Capital: Virtus, founded in 2003, is a hands-on, data-driven, curious investor that delivers compelling outcomes from cycle-resilient investments for all stakeholders. Through thoughtful evolution and resilience in challenging times, Virtus has purposefully worked to foster thriving communities that empower people to live better lives. Over the last 19 years, it has acquired 262 properties for a combined acquisition value of over $5.1 billion and has fully realized 187 property investments. With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle. For more information, please visit www.virtusre.com.

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