CARY, NC—Venterra Realty has purchased Chatham Pointe: an asset offering 255 units and 9,340 square feet of retail space. This mixed-use multi-family community was built in 2011 and 2015. The apartments are exceptionally located near retail, recreational outlets, and major employment nodes, including the Research Triangle Park. Phillips Development & Realty sold the property for $35,900,000, or $140,784 per unit.
According to Craig Marbach, Managing Director at Venterra Realty, “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.”
Venterra Realty was selected as the buyer due to their vast presence in the Southeast, as well as their experience with assets that include a retail component. Additionally, they are intimately familiar with the process of assuming a HUD 221D4 loan.
The property boasts a luxury amenity package, including a resort-style swimming pool, fitness facility, private clubhouse, billiard room, outdoor kitchen, and playground. Not to mention the apartments themselves, which offer residents hardwood floors, granite countertops, in unit laundry, and private balconies.
Capstone Apartment Partners brokered the sale by leveraging its multi-office, collaborative platform with managing director, Jad Richa, from the Tampa office collaborating alongside Brian Ford, Andrew Klenk and Bryse Toothaker from Capstone's Charlotte office to complete the transaction.