Beach Investment Fund, an affiliate of The Beach Company, has purchased the off-market Bennington Woods, a 134-unit community in Cary, N.C., for $22.4 million.
The Community
Bennington Woods is located at 200 Spartacus Court, favorably situated within the Raleigh-Triangle MSA. The nearby Highway 64 feeds directly to downtown Raleigh, NC State University, and broader regional economic drivers, such as the Research Triangle Park. The Property was completed in 1996 and is 97% leased with an average apartment size of 943 square feet. Community amenities include a resort-style pool, outdoor kitchen, and a variety of recreation uses including access to the adjacent Speight Branch Greenway and hiking trails.
“Cary continues to attract residents drawn by the area’s abundant restaurants and retail offerings, first-class education, medical systems and luxury golf communities,” said Leonard Way, Senior Vice President at Beach Investment Management. “Bennington Woods represents our second Cary acquisition over a three-month period, and we anticipate continued investment in this growing market.”
Other Aquisitions
Beach acquired Amberwood at Lochmere in October of 2019 with the assistance of CBRE’s Kevin Kempf and Howard Jenkins. This 204-unit apartment complex is located directly adjacent to Bennington Woods. The new owner plans to manage the two assets together, consolidate branding under Amberwood at Lochmere, and benefit from the efficiencies of the larger 340-unit apartment complex.
“Operating the properties together will not only create immediate efficiencies but will additionally double the amenity offerings for tenants of each community, creating long-term value for both investors and residents,” said Darby Parker, Acquisitions Manager, Beach Investment Management.
Beach plans to undertake a variety of exterior and amenity upgrades throughout this larger community (including the renovation of both clubhouses) and will complete the interior renovation program currently underway at the former Bennington Woods.
This acquisition marks the third for the Fund, which launched in June of 2019. CBRE Charlotte’s Debt and Finance Team led by Nate Sittema and Kristen Reilley assisted with the financing on both Bennington Woods and Amberwood at Lochmere.
