Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Trellis North Fayette, a 155-unit asset in the dynamic North Fayette/Robinson area of Allegheny County in the Pittsburgh MSA. Originally constructed in 1998, Trellis North Fayette was fully renovated in 2022/2023 with unit upgrades, building exterior refurbishment, interior hallway modernization, and complete overhaul and creation of modern property amenities. The asset is uniquely positioned, with rents $300-$500 below nearby competing properties and allows investors the ability to add additional value through a variety of initiatives including expense reduction and implementing a billback of utilities which is currently included in the rent – an outlier among the Property’s competitive set. Trellis North Fayette is located in one of the most sought-after areas of the Pittsburgh MSA with significant nearby employment such as the corporate headquarters of FedEx Ground and Dicks Sporting Goods, Cigna and Thermo Fisher Scientific and over 5 million SF of high-end, big box and convenience retail all within a 15-minute drive. The location’s appeal is demonstrated in the outsized population growth and lofty median household income in the area around the asset, both outpacing Allegheny County and the Pittsburgh MSA as a whole. This demand translates to market leading apartment market fundamentals with rent growth in the submarket projected to average 3.5% annually over the next 5-years, exceeding that of the broader MSA. In addition to market growth, Trellis North Fayette presents intriguing organic growth potential with most recent renewals averaging increases over 4% and new leases achieving trade-out growth of 7.5%. Trellis North Fayette presents the rare opportunity to acquire a newly renovated asset with limited near term capital requirements at well below replacement cost, with significant upside in one of the Pittsburgh MSA’s most sought after suburban locations.

INVESTMENT HIGHLIGHTS

Excellent Upside Potential

VALUE ADD - Room to push rents and renovate units

OPPORTUNITY ZONE

Quick access to shopping & restaurants

Buyer abilty to continue stabilization

Highly regarded property manager and maintenance tech interested in working with next ownership group

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 281-unit Union at Cooper Hill apartment community located in Birmingham, AL. This high performing asset (95%+ T12 Occ.) is situated off Montclair Road which runs through one of the wealthiest suburbs in the state of Alabama. Built in five phases between 1964-1998, the property has undergone more than $5M on both interior and exterior renovations. Due to all of the units not currently being renovated to the same level, the next investor is presented with the opportunity to grow the bottom line NOI by finish out these renovations and beginning to implement new incomes. New ownership is offered the opportunity to acquire a high performing, quality physical plant well below replacement cost.

This carefully planned community is developed by Union Village Development Co. and designed by nationally recognized architect, Michael Watkins and inspired by nearby popular and desirable communities such as Hyde Park, Mariemont and Oakwood.

Within the Union Village Development there is an opportunity for a residential apartment developer to construct up to 298 apartment units along with 26,300 square feet of retail space. An existing TIF will provide infrastructure within the development site including utilities, water/sewer, roads and surface parking for the apartment site.

The 1,400-acre Union Village development allows for over 4,000 residential homes and up to one million square feet of commercial space. There are currently over 60 homes under construction and sold, a 22,500 SF, 3-story office & retail building, and a major grocer is under contract for development of a store at the corner of Rt. 63 & Rt. 741. The master development will feature a long list of amenities including a village square, playground, 5 pocket parks, walking trails and a fishing pond. Nearby community amenities include Armco Park just minutes away which is a 300 + acre park, 110-acre lake along with an 18 hole golf course. Kings Island, Little Miami Scenic Trail & the Warren County Sports Park are all within a short drive.

Union Village is at the center of tremendous growth that is occurring between the Greater Cincinnati & Dayton markets. Within minutes residents can access I-75 the major interstate connecting Cincinnati to the south & Dayton to the north and the outer suburbs of both markets are less than a 15-minute drive.

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 500-unit University Oaks apartment community located in Athens, Clarke County, GA. This asset is situated in the thriving neighborhood of West Athens, with proximity to premier retail (Fresh Market, Chick-fil-A, Starbucks and Target) and Downtown Athens. Within 5 minutes are Athens’ core economic drivers, including the University of Georgia, St. Mary’s Healthcare, and Piedmont Athens Regional Hospital. Built in 1965-1969, University Oaks offers an outstanding opportunity to assume an attractive in-place loan at a 2.72% rate with 5+ years of I/O remaining, in one of the state’s most desirable markets. This proven value-add asset, achieving $65 premiums, provides new ownership the opportunity to capture $160 premiums through a comprehensive value-add program.

Cushman & Wakefield is pleased to offer the opportunity to acquire University Station, a Class A, five-building mixeduse development in Cincinnati. Located adjacent to Xavier University, a prominent private university with a total enrollment of 6,000+ undergraduate and graduate students, the development consists of:

• 226 Class A student housing apartment units (608 beds) in three of the five buildings
• 42,225 of Class A medical/clinical office space in one, 2-story office building
• 34,916 SF of retail space: 4,500 SF in a free-standing building and 30,416 on the first floor of one of the three student apartment buildings
• 13.86 total acres and 906 total parking spaces

In addition to the five buildings, the opportunity includes development rights for approximately 3.7 acres that adjoin University Station. Details included in the ground lease summary located in the appendix.

1. COMPETITIVE ADVANTAGE
University Station is the only fully amenitized, purpose-built student housing community serving Xavier students. With high-end finishes, including granite counter tops and stainless-steel appliances, in-unit laundry and separate bedrooms and bathrooms, University Station is also the only Class A student housing complex serving the student population. The asset is newly constructed with Phase I developed in 2014 and Phase II constructed in 2020. Current amenities include swimming pool, study areas, workout facility, game room and theatre room.

2 .PRE-LEASING
Student Housing is pre-leased at 70% as of January 2023 for the 2023/24 school year which is significantly above the preceding school year (54%).

3 HIGH QUALITY OFFICE TENANCY
With TriHealth, an A+ rated health system, and CTI Clinical Trial and Consulting Services, a globally recognized Contract Research Organization, the office tenancy provides secure and stable cash flow.

4. VALUE CREATION
New ownership will be able to significantly upgrade the ‘curb appeal’ of the student housing apartments by upgrading the existing facilities and adding additional amenities. There is also the opportunity to add value through the lease up of vacancy within the retail component of the asset, which is anchored by the Xavier University Bookstore and Starbucks.

5. EXCELLENT LOCATION
University Station is seamlessly integrated with Xavier University’s campus, providing students with immediate access to all the University’s educational facilities. Xavier currently has its "All for One Shop" Bookstore in one of University Station’s retail suites and Xavier recently opened its Health United Building, an on-campus health and wellness facility located across the street from University Station.

The Cushman & Wakefield Sunbelt Multifamily Advisory Group and Commercial Kentucky, Inc. are pleased to present the exclusive listing of Valley Farms, a 288-unit apartment community located in Louisville, Jefferson County, Kentucky. The property’s strategic location in south Jefferson County provides residents with first class access to major employers and major job hubs including GE Appliance Park (8K+ Jobs), Ford Assembly Plant (13K+ Jobs), UPS Worldport (25K+ Jobs) and the new BlueOval SK battery plant (2.5K Jobs). Furthermore, the asset is adjacent to Louisville’s Riverport Authority, which is home to more than 120 companies and 6,500 jobs. Valley Farms is primed to benefit from Louisville’s impressive, estimated influx of 8K jobs in 2024, and minimal supply pipeline. Within 5 miles of the property, there has only been one delivery since 2022. Built in three phases, completed in 2007, 2009 and 2015, Valley Farms offers an outstanding opportunity to invest in an institutionally owned multifamily asset, perfectly positioned for value-add upside. New ownership can renovate 75% of the units and drive NOI for long term growth.

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 121-unit Village at Panther Creek apartment community located in Morrow, Clayton County, Georgia. This asset is situated in the strategically-located, Clayton County submarket of south Atlanta. Built in 1973, Village at Panther Creek represents an outstanding opportunity to invest in a well-maintained, turn-key asset within one of Atlanta’s top employment corridors. Village at Panther Creek’s attractive debt options and tax advantages allow an investor to enjoy immediate cash on cash returns.

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 700-unit Village on Riverwalk apartment community located in College Park, Clayton County, Georgia. This asset is situated in the strategically-located Aerotropolis of south Atlanta. Built in 1970, Village on Riverwalk provides an outstanding opportunity to invest in Atlanta’s most dynamic industrial submarket with unmatched proximity to many of the city’s major employers. The property offers an attractive loan assumption and ample opportunity to increase income by continuing a well established value-add program.

Cushman & Wakefield, Inc. is pleased to present the exclusive opportunity to acquire the “Villas at 6300” apartment community, a 280-unit multifamily asset located at 6300 West Lake Mead Boulevard in Las Vegas, Nevada.

Villas at 6300 was built in 1997 and offers prospective buyers with the unique opportunity to acquire a desirable asset in a Summerlin-adjacent submarket at a discounted price below replacement cost.

The Charleston Heights neighborhood directly benefits from strong employment drivers in the medical field, with Mountain View Hospital employing approximately 3,000 people in the submarket. Additionally, Whole Foods, Best Buy, and Nordstrom Rack are among some of the walkable amenities in the area. Villas at 6300 is poised to take advantage of one of the premier rental markets in the United States while offering durable in-place cash flows and above-market appreciation opportunities through continued unit renovations. Currently, 101 units (36.07%) remain in classic (tier-1) condition, while 177 units (63.21%) have only been renovated to a partial (tier-2) scope, and just 3 units (1.07%) have been renovated to a full (tier-3) package.

Per CoStar, the 5-mile average household income is nearly $74K and the median household income is approximately $55K per year. The Offering will be offered free and clear. We advise prospective buyers to discuss debt options with our team to be sure that they are underwriting the most competitive and current debt terms.

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 210-unit Villas at Princeton Lakes apartment community located in Atlanta, GA. The prolific job center, I-20 West/Fulton Industrial District, lies immediately west of Villas at Princeton Lakes and is currently home to over 128M SF of industrial development. Located 15-minutes south of the property, Hartsfield-Jackson International Airport, a $70.9B annual statewide economic driver, further amplifies workforce housing demand and rapid job growth across the area. Multifamily metrics benefit greatly from the lack of supply across the Westside submarket with highly limited deliveries in the last 10 years contributing to increased rent growth. Villas at Princeton Lakes is an exceptional opportunity to acquire a proven value-add asset well below replacement costs.

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 256-unit Villas by the Lake apartment community located in Jonesboro, Clayton County, Georgia. This asset is situated in the strategically-located Clayton County submarket of south Atlanta. Built in 2003, Villas by the Lake represents an outstanding opportunity to invest in an asset offered well below replacement cost in Atlanta’s premier logistics and employment corridor. The attractive assumable debt and renovated value-add potential establish Villas by the Lake as a best-in-class asset for investors.

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 146-unit Vivo Port Royal apartment community located in rapidly growing Port Royal, SC. Bounded by the resilient industries of medical, military, and tourism, Vivo Port Royal sits less than two miles from Beaufort’s two major hospitals, the Naval Hospital Beaufort (1.5k+ jobs) and Beaufort Memorial Hospital (1.3k+ jobs). Residents at Vivo Port Royal are set to benefit from the fruitful surrounding demographics with avg. household incomes to increase 11% and eclipse $100k by 2027, a dominant white-collar workforce (62%), and a dwindling multifamily pipeline. Built in 1986 and renovated in 2022, Vivo Port Royal arrives to the market with a recent capital infusion of over $6M, including both interior and exterior renovations. Through the implementation of a Value-Add 2.0 enhancement, new ownership has the opportunity to further improve unit interiors to be able to push rents ~$215 and help bridge the rent delta to submarket competitors.

The Vlasis Park land parcel is a unique, one-of-a-kind opportunity to acquire a premier development site that has been approved for multifamily development. The site consists of three contiguous parcels that total 4.72 acres and the site is vacant and ready for development. The property is truly superior in terms of its West County location, accessibility, demographic profile, and proximity to amenities and upscale housing. The site is located at the northwest corner of the signalized intersection of Manchester Road and Seven Trails Drive, with frontage on four roadways and adjacent to Vlasis Park. Manchester Road is one of the most heavily traveled roadways in the St. Louis MSA with traffic counts at +/- 40,000 vehicles per day at the subject site. The immediate area consists of most national retailers along Manchester Road and residential uses in the secondary positions. The site is located in the Ballwin Multifamily Submarket, which is one of the leading submarkets in the MSA with 5,988 units, effective rent at $1,295/month or $1.40/sf, YOY rent growth at 9.0%, and 97.6% occupancy.

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is proud to present the exclusive listing of Walker Heights, a brand-new, 77-unit Build-To-Rent (BTR) community in the prominent Nine Mile neighborhood of Pensacola. Built in 2024, Walker Heights presents a brand-new townhome asset, strategically located in the prominent Nine Mile submarket of north Pensacola. The Nine Mile Submarket allows residents convenient access throughout the metro and to other economic drivers. Pensacola’s market has demonstrated strong fundamentals, with population growth outpacing the national average by more than double, and 7% annual rent growth since 2018. Nearing completion and already 52% pre-leased, Walker Heights offers a rare unit mix of all 3-bedroom, 2.5-bath townhomes with large floor plans (1,490 avg SF) and single-car garages included in all units. Currently trailing conventional multifamily 3BR rents by more than $0.20/SF, Walker Heights presents new ownership with an outstanding opportunity to acquire a BTR asset just minutes away from major employers in a centrally located, high-growth market that is currently experiencing excellent leasing momentum.

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Waters at Ransley, a 336 unit, 2023/2024 built apartment community located in Pensacola, FL. The asset is strategically positioned in the desirable West Nine Mile submarket of Pensacola, in a high-visibility corridor between I-10 (48K+ VPD) and W Nine Mile Rd (24K+ VPD). The property offers residents convenient access to the metro’s major employers, situated less than 4 miles from Navy Federal Credit Union’s $1B+ campus (10K+ employees by 2026) and just 10 minutes from the brand-new Baptist Health Care hospital campus (1,600K+ employees), totaling a combined economic impact of $5.4B+.

With first units delivered in 2023, and final construction completed in 2024, the property boasts an impressive lease-up performance, capped off by an astounding 31 move-ins in April. This lease-up momentum nearing stabilization positions the asset for agency debt. In addition to stellar leasing momentum, the property is experiencing robust rent growth with latest leases achieving an impressive 6.5% increase over the current rent roll average. The property features top of the line finishes, a luxurious amenity package, and quality construction by a design-build contractor with a proven track record of excellence. With $92K average HHI at the property, and $94K+ within a 2 miles radius, the property is poised to build upon its strong tenant base. The Waters at Ransley offers the next investor a chance to acquire a prized asset, within a desirable, high-visibility corridor, with excellent leasing trends in one of the nation’s top multifamily markets.

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 96-unit West Brook apartment community located in Macon, Bibb County, Georgia. This asset is strategically located in southwest Macon, moments away from premier retail like Sam’s Club, Best Buy, Kroger, The Home Depot, and the Macon Mall Redevelopment and Amphitheater. Built in 1971, West Brook represents an outstanding opportunity to invest in proven value-add with immediate upside and over $1.3M in CapEx projects. With 39% classic units remaining, new ownership can boost rents an additional $130 by continuing the in-place renovation program and elevating with black appliances, new lighting, hardware, backsplash, and modern paint.

Cushman & Wakefield’s Multi-Family Advisory Group is pleased to present a master lease housing opportunity, 33 Everett Street. The property consists of 69 rooms, and is located in the Harvard Square area within the heart of Cambridge, Massachusetts. Currently configured for dormitory use, each floor of the building features a common bathroom and lounge space with soft seating, refrigerator, and oven. 33 Everett Street is located on Lesley University’s Doble Campus and has previously been used as student housing. The university would maintain access to the first floor’s commercial kitchen and cafeteria to be shared with the tenant and can deliver the property furnished with existing dormitory furniture.

33 Everett Street is situated in one of the most esteemed locations in the world with unmatched access to many of the nation’s top colleges and universities, technology, and bio-tech employers and many of the region’s best shopping and dining amenities. The building is immediately adjacent to Harvard University and within a 10-minute walk of both Porter and Harvard Stations along the MBTA’s Red Line and Commuter Line.

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is excited to present the exclusive listing of WILLIS Avondale Estates, a 197-unit mixed-use development in the thriving Avondale Estates Entertainment District. This is an excellent opportunity to acquire an exceptional asset with a unique tax abatement offered significantly below replacement cost. Avondale Estates is an affluent node of Decatur, offering an excellent blend of authenticity and culture through its historic charm and collection of restaurants and breweries, while also providing extremely high barriers to entry. WILLIS Avondale Estates is directly adjacent to Downtown Decatur’s curated 426K+ SF of destination retail and five Michelin recommended restaurants, as well as the MARTA Avondale station. In addition, this asset is situated near Atlanta’s prolific Ed’s and Med’s Corridor, with 40K+ medical jobs and $15B+ in annual economic impact and convenient access to ~360K jobs.

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the ±6.86-acre Willows at Burlington Multifamily Development Site. The site is pad-ready and zoned PD with permits for 205 apartment units in hand, allowing a developer to begin vertical construction upon closing. Located within Burlington’s main retail corridor and with easy access to both I-40/I-58 and US Hwy 70, future residents will enjoy convenient drives to the best that Burlington and the Triad has to offer. Burlington has maintained strong multifamily fundamentals, with household incomes approaching $100K surrounding the site and rent growth >3% projected through 2028. The Willows at Burlington Multifamily Site presents the opportunity to develop a Class A apartment project of scale in the Triad, which is surging with employment growth.

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 80-unit Winding Creek apartment community located in Tuscaloosa, AL. This asset is situated in the highly desirable suburb of southwest Tuscaloosa just minutes away from the metro. The MSA has undergone rapid growth over the past decade due in part to two major economic drivers: The University of Alabama ($2.8B impact) and the Mercedes-Benz plant ($7B investment). Both economic hubs can be reached from the subject property via Route 69 and are less than 15 & 30 minutes away, respectively. Built in 1998, Winding Creek offers an outstanding opportunity to invest in a strong performing asset with value-add upside.

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the listing of the 58-unit Wolfsbridge at Leawood. A top-tier, Class A Build-to-Rent community currently under development in Arkansas’s state capital and largest MSA, Little Rock. This asset is uniquely positioned within a 5-mile radius of the state’s premier healthcare providers, creating a unique competitive advantage to all other BTR assets in Central AR. The Little Rock Class A BTR space is at a necessity, giving a potential new investor the rare opportunity to offer a luxury asset to the market’s most underserved tenant base. Currently under construction, Wolfsbridge at Leawood is estimated to be fully delivered by early summer 2024.