CBRE Finances NC Community Acquisition
- Apr 01, 2019
All South Management has sold Bethabara Garden Apartments, a 110-unit student housing asset in Winston-Salem, N.C., through a double escrow deal, according to Yardi Matrix. The company first sold the community to Ginkgo Residential for $3.4 million, which in turn traded the property on the same day to Eagleview Capital for $3.9 million.
CBRE Capital Markets originated $2.9 million in Fannie Mae acquisition financing for Eagleview. In December, the same company arranged a $33 million Freddie Mac loan for the buyer of a 302-unit community in the Raleigh-Durham area.
Located at 5745 Hickory Knoll Drive in the Bethabara – Bethania submarket, Bethabara Garden’s 15 buildings, constructed in 1983, are roughly 5 miles north of the city center and 1.5 miles from Wake Forest University. Two retail centers are located within 1 mile of the property, with a nearby bus stop connecting the neighborhood with the wider metro area.
All of the property’s units are 495-square-foot, one-bedroom apartments. The pet friendly community includes a swimming pool and was 99.1 percent occupied as of February, per Yardi Matrix data.