Croatan Investments and Joint Venture Partner Bentall Kennedy (U.S.) Limited Partnership announced today that it has acquired Ultris at Banyan Grove, a 288 unit apartment complex located in Virginia Beach, VA in partnership with Warba Bank K.S.C.P.
“The joint venture with Croatan Investments provides an exceptional opportunity to work with an operator who has local knowledge and a long track record in the Hampton Roads area,” said Kevin Rivest, Senior Vice President – Transactions, Bentall Kennedy.
Ultris Banyan Grove is a Class A, multifamily community comprised of 13 buildings with 288 units. Built in 2003, this apartment community boasts spacious floor plans and a full spectrum of community amenities. Centrally located in Virginia Beach, Ultris Banyan Grove provides convenient access to the Oceanfront area and many of the employment centers throughout Hampton Roads.
“Ultris Banyan Grove provided an opportunity to acquire a multifamily asset in a market with low volatility and strong demand for rental housing. It is expected to provide steady income returns throughout the investment period,” said Clint Hinds, Senior Vice President, Bentall Kennedy.
About Croatan Investments
Croatan Investments is a privately-held investment firm focused on multifamily real estate. The company pursues investments with excellent intrinsic value and the goal of creating and preserving the wealth of its high-net-worth investors and institutional partners.
With a seasoned team of real estate, construction, and project management professionals, Croatan combines specialized multifamily asset experience and market knowledge to opportunistically invest across each stage of the market cycle.
Croatan is headquartered in Virginia Beach with operations in Atlanta, Austin, and Singapore. The Croatan portfolio currently includes multifamily assets across the Mid-Atlantic and Sun Belt.
About Bentall Kennedy
Bentall Kennedy, a Sun Life Investment Management company, is one of the largest global real estate investment advisors and one of North America’s foremost providers of real estate services. Bentall Kennedy serves the interests of more than 550 institutional clients with expertise in office, retail, industrial and multi-residential assets throughout Canada and the U.S. Bentall Kennedy’s Investment Management group has approximately $35 billion (USD) of assets under management. They are one of the largest Real Estate Services providers in Canada, managing 58 million square feet on behalf of third-party and investment management clients (as of March 31, 2017). Bentall Kennedy is a member of UN PRI and a recognized Responsible Property Investing leader ranked among the top firms around the globe in the Global Real Estate Sustainability Benchmark (GRESB) for the sixth consecutive year since GRESB was launched.
Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership, Bentall Kennedy (U.S.) Limited Partnership and the real estate and commercial mortgage investment groups of certain of their affiliates, all of which comprise a team of real estate professionals spanning multiple legal entities. The assets under management shown above include real estate equity and mortgage investments of the companies within Bentall Kennedy. All amounts cited are in U.S. dollars.