Sinatra & Co., L5 Investments Acquire 740-Unit Multifamily Property in South Bend for $56M

SOUTH BEND, IND. — Sinatra & Co. Real Estate and L5 Investments, along with Odyssey Properties Group Inc., have acquired Castle Point in South Bend for $56 million. The 740-unit multifamily property is comprised of 32 two-story buildings. A 25,000-square-foot amenity area features a fitness center, basketball courts, racket ball courts and pool. Sinatra & Co. plans to implement a value-add program, including unit and common area upgrades with a focus on fitness and technology. Sinatra & Co. Management will manage the property. Cushman & Wakefield brokered the sale. The seller was not disclosed. Pennybacker Credit I LP provided a preferred equity investment.