BAM Capital Acquires 334-Unit Marling At Town Creek In Leland For $57.78M

The asset involved in this transaction is the Marling at Town Creek apartment complex, a multifamily property located at 3100 Ascend Loop in Leland, North Carolina. The complex comprises 334 units and was acquired for $57.78 million, which translates to a price per unit of $172,994. The property is relatively new, being only two years old.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $57,780,000
• Units: 334
• Price Per Unit: $172,994
• Buyer: Ivan Barratt - BAM Capital
• Seller: Paul J. Romanowski - D.R. Horton
• Funding: Loan of up to $51.68 million from Merchants Bank of Indiana
• Acquisition Fund: BAM Multifamily Growth Fund V

The key individuals in this transaction are Ivan Barratt, who represents BAM Capital as the buyer, and Paul J. Romanowski, who represents D.R. Horton as the seller. This acquisition marks BAM Capital's first entry into the Carolinas market.