The Brentmoor Apartments, situated at 2080 Brentmoor Drive just outside the Beltline, were recently sold for $45.6 million after the previous owner, Silver Point Group, defaulted on their loan. St. Clair Holdings was the purchaser of this property according to reports from The Triangle Business Journal. This company specializes in value-add real estate projects located in both the Southeast and Southwest regions.
In late 2021, Silver Point Group borrowed $45.6 million from an affiliate of Berkshire Residential to acquire this apartment complex for a total cost of $52 million in early 2022.
According to official documents, it has been confirmed that Silver Point Group is currently in default as they have failed to make timely payments on their loan and have continued with these missed payments since then. As of April 2024,the outstanding balance owed by Silver Point Group amounts to over $48.7 million.
Brentmoor Apartments offers one-, two- and three-bedroom units within its three-story buildings with rental prices starting at $999 per month.The sizes range from approximately735 square feet up until1 ,240 square feet.Amenities provided include a swimming pool,g rilling stations,f ire pit,sa una,d og park,f itness center,and more.
In recent news,it has been reported that an investor who owned apartments located within Raleigh had defaulted on their loan which resultedin them being forcedto sellthe properties as a result.This information was shared through Connect CRE’s platform.
