Pensam , a diversified multifamily real estate investment firm with a portfolio of properties across the country, recently provided preferred equity for the acquisition of two newly built properties in lease up: Graces Reserve Apartments , a 240-unit multifamily apartment community in Kannapolis, NC, and The Reserve at Gashes Creek Apartments , a 190-unit multifamily apartment in Asheville, NC. The investment was structured behind an acquisition bridge loan.
The Reserve at Gashes Creek consists of six three-story buildings and offers one-, two- and three- bedroom units. It also features proximity to Asheville, which itself has gained renown as a tourist destination for its four national parks, mountain views and 6-acre nature reserve. The property itself provides its residents with a wide range of amenities that fit this motif, such as a saltwater pool, fire pit, grilling stations, biking trailers and a dog park. Other amenities include electric vehicle charging stations, smart package delivery locker systems and valet trash services.
Graces Reserve Apartments also consists of one-, two- and three-bedroom apartments, with the property itself consisting of 17 three-story buildings over 10.2 acres. Its location in Kannapolis is just north of Charlotte, with Amtrak running between the two cities. Like The Reserve at Gashes Creek, this property also features a saltwater swimming pool and dog park, alongside other amenities such as a sun deck, playground, clubhouse, fitness center and other highly sought after features.
“These suburban markets are poised for continuous growth and new, affordable housing should perform exceptionally well” said Hen Shoval, Principal, Pensam. “We are confident in the momentum of the multifamily market, and the borrower has a track record of success with the investment and management of similar assets. The suburban landscape is poised to continue thriving throughout 2022, and Pensam’s team is proud to facilitate and encourage this growth by investing in these types of properties.”