February 28, 2019
A joint venture led by Buffalo, NY-based Sinatra & Company Real Estate and El Dorado Hills, CA-based L5 Investments, along with Odyssey Properties Group, Inc., acquired Castle Point, a 740-unit apartment community in South Bend, IN for $56 million. Pennybacker Credit I, LP provided a preferred equity investment through the FNMA Preferred Equity program.
Situated on 51 acres at 18011 Cleveland Rd., the property is one of the largest competitive-rate apartment complexes in South Bend. The property comprises 32 two-story apartment buildings, a 25,000-square-foot freestanding amenity center/clubhouse, and an 11,000-square-foot freestanding maintenance facility.
Sinatra & Company Real Estate’s Nick Sinatra says, “Castle Point is an attractive value-add investment opportunity in which we foresee the ability to leverage our management and development expertise to achieve strong revenue growth in the coming years.”
The transaction was brokered by a team from Cushman & Wakefield.
For comments, questions or concerns, please contact Dennis Kaiser