Venterra Realty Sheds $36M on NC Community
- Jul 27, 2017
Venterra Realty is the new owner of Phillips Chatham Pointe, a 255-unit community in Cary, N.C. The company bought the asset from Phillips Development & Realty for $35.9 million and plans to find a tenant for the 10,000 square feet of retail and office space available on the ground floor.
According to Yardi Matrix data, in 2010, Berkadia Commercial Mortgage secured a $19.4 million fixed-rate HUD 221D4 loan for financing the development, which Venterra is going to assume. The loan is priced at 4.6 percent with a 40-year amortization schedule.
Well-positioned mixed-use property
Located at 2025 Swift Commons Lane, the property opened in 2011, although construction work continued until 2015. It features studio, one-, two- and three-bedroom units varying in size from 781 to 1,300 square feet. Rents range from approximately $900 to $1,400, according to Yardi Matrix. In June, occupancy was at 80 percent.
Property amenities are well above-standard and include:
- a 24-hour fitness center;
- a business center;
- a clubhouse;
- a resort-style swimming pool;
- 392 parking spaces;
- detached garages for an additional fee;
- outside storage.
Interior features include:
- in-unit washer and dryer;
- hardwood floors;
- granite countertops;
- microwave ovens;
- private balcony/patios;
- high-speed internet access.
The property offers immediate access to Old Apex Road and Chatham Street, being only 15 miles from the booming Downtown Raleigh. North Carolina State University, the North Carolina Museum of Arts, the Raleigh-Durham International Airport and the Research Triangle Park are also located within a short drive from the community.
“Venterra was attracted to Chatham Pointe’s location in, what we believe to be, an underserved neighborhood within Cary. We are particularly excited to come in and lease-up the vacant ground floor retail in the second phase. Our group has had success in taking on mixed-use projects, and we feel the stabilization of the existing retail will become a very attractive amenity for our residents,” said Craig Marbach, Venterra’s managing director, in a prepared statement.
A team of brokers from Capstone Apartment Partners including Managing Director Jad Richa, Managing Partners Brian Ford and Andrew Klenk and Senior Advisor Bryse Toothaker brokered the transaction.
Images courtesy of Yardi Matrix