Cushman & Wakefield’s Multi-Family Advisory Group is pleased to present the opportunity to acquire the Everett & Malden Portfolio, a 4-building, market-rate workforce housing portfolio in Everett and Malden, Massachusetts. Totaling 72 bedrooms and 19,693 SF, this portfolio is strategically located in two of Boston’s most rapidly evolving neighborhoods. The properties are in close proximity to several up-and-coming developments of Everett, most notably the Encore Boston Resort and Casino. The properties also boast easy access to the MBTA’s Orange Line, Silver Line and commuter rail. Just north of Boston, Everett & Malden are a short commute from the area’s major employers, academic institutions, shops, dining, and entertainment destinations.
The Everett & Malden Portfolio consists of 72 rooms across 4 properties that are currently 100% occupied, with a waitlist of potential tenants. These properties provide a rare opportunity to acquire market-rate affordable housing with endless demand given the rising costs to buy and build and regulations around unit size for other types of housing across the metro area. As the costs of housing increase, the rising rent floor will directly benefit this portfolio.
Process & Pricing
The properties are offered on an “as-is” basis and without a formal asking price. Upon receipt of a signed Confidentiality Agreement, qualified investors will be provided with access to due diligence materials via the Cushman & Wakefield website. Once investors have had an opportunity to review the offering materials and tour the properties, Cushman & Wakefield will schedule a “Call for Offers”.
Cushman & Wakefield Senior Housing Capital Markets ("C&W") in its exclusive representation of Urban Atlantic ("Sponsor"), an experienced Washington, DC based developer, is seeking a limited partner (LP) equity investor for the adaptive reuse redevelopment of a suburban office complex into a 180-unit active adult (55+) apartment community in Fairfax, Virginia, an affluent suburb of Washington, DC. Fair Lakes ("Subject," "Community," "Asset") will offer luxury amenities and finish levels, catering to the sizeable population of seniors in one of the wealthiest areas of the nation with units that are on average greater than 10% larger than the closest competitors.
The Community will be located approximately 22 miles west of downtown Washington, DC with close access to dining, entertainment, and retail. Fairfax is one of the wealthiest suburbs of Washington. Within 10 miles of the site, there are more than 872,000 people, including an exceptional 98,549 seniors age 65+ with over $50,000 in annual income. Additionally, the median home value within a ten-mile radius is an impressive $536,000.
The Site is ideally located within walking distance of East Market at Fair Lakes, a Whole Foods-anchored retail power center with visibility from Route 66, one of the most heavily trafficked arteries in the entire region, and adjacent to a 197-home development sponsored by local developer Peterson Companies with average home sales approaching $900,000.
The Sponsor is seeking approximately $26.4M of limited partner equity. The LP will receive customary rights and controls. Bozzuto, an award-winning national operator headquartered in Washington, DC, is engaged to manage the community upon completion.
The Gardens at Hidden Creek is an exceptional multifamily opportunity comprised of 125 units located in southeast submarket of Colorado Springs. The property offers a range of desirable living options, including five distinctively designed studios, 1-bedroom, and 2-bedroom floor plans. In addition to the attractive unit mix, The Gardens at Hidden Creek offers the advantage of an assumable loan with a fixed interest rate of 3.25%, with interest only payments until 8/1/2026. In today’s challenging debt environment, this feature allows investors to streamline the financing process, and ultimately achieve higher returns.
Each apartment home features a host of modern conveniences and luxury amenities, such as an all-electric kitchen, balcony with patio, carpeted floors, vertical blinds, and vinyl wood grain flooring. Beyond the comfortable living spaces, The Gardens at Hidden Creek boasts an array of community amenities to enhance residents’ lifestyles. These amenities include a picturesque picnic area with barbecue facilities, a sparkling swimming pool, a state-of-the-art fitness center, a cyber cafe, a garage, and a laundry facility. Additionally, on-site maintenance and a part-time courtesy patrol ensure that residents’ needs are promptly addressed.
The property benefits from its proximity to several large Colorado Springs employers including Fort Carson, the COS Airport, and the Amazon Distribution Facility. The property’s location near public transportation routes ensures convenient access to transportation for residents. Additionally, the property’s close proximity to a Memorial park provides residents with easy access to green spaces and recreational activities.
The Gardens at Hidden Creek is perfectly positioned to capitalize on the growth and development in Colorado Springs. The city’s strong job market, expanding economy, and increasing population make it an attractive destination for renters and investors alike.
The Gardens at Hidden Creek represents a compelling investment opportunity for potential buyers. With its strong rental demand, unique unit mix, and limited competition, the property has an attractive value add story and future cash flow potential for prospective investors.
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Giddy Hall, a 171-unit apartment community located in Charlotte, NC. Built in 2023, the property is strategically located in the flourishing pocket of Steele Creek, a submarket characterized by rapid population growth and skyrocketing home values. The Class-A community features best-in-class finishes and top amenities tailored to appeal to area’s burgeoning high-end renter class ($94k Avg. HHI).
Situated in the heart of Steele Creek’s retail corridor, Giddy Hall offers a plethora of dining and entertainment options within minutes including Topgolf, Target, Harris Teeter, Publix and more, as well as direct access to the city’s top employment hubs via nearby I-485. The property has demonstrated impressive lease-up performance, consistently pushing rental rates while offering little to no concessions. Market comparables offer more than $200 in headroom, highlighting Giddy Hall as an exceptional opportunity to invest in a high-quality asset offering substantial organic rent growth potential through a mark-to-market leasing strategy.
PROVEN ABILITY FOR CONTINUED REVENUE GROWTH – 6.7% CAP RATE AT CURRENT RENTS
After an extensive period of extremely low market rents, in 2023 the current owner increased them by $200/unit. 100% of the leases signed in 2023 (60+ leases) are at the new, higher market rent. Simply continuing to push the current market rent on renewals and new leases equates to a 6.7% cap rate year one. The average length of tenancy for leases prior to 2023 is unprecedented at nearly 6 years. In 2022, annual turnover was only 18.3%.
PRIME VALUE-ADD OPPORTUNITY SOLD BY ORIGINAL DEVELOPER
Golfview presents the opportunity to obtain a well-maintained property sold by its original developer, located within the affluent city of Valparaiso, IN. Even the recently increased Market Rents trail the rents at comparable properties and are poised to benefit from a value-add initiative. Through an interior renovation program, an incoming investor can dramatically increase effective rents, with NOI growth of at least 15%, and generate a $400+ average rental premium. Additionally, revenue can be increased by initiating a bill-back for water, sewer, and trash, and introducing desirable amenities.
POPULAR & FLOURISHING VALPARAISO
Valparaiso’s exceptional quality of life shines through its lively downtown, plethora of green spaces, exciting economic developments, presence of the nationally acclaimed Valparaiso University, and an outstanding public school system. With only 38% rental housing and very little new development in Valparaiso, it’s no surprise this market consistently maintains a high occupancy, currently 96.5% and 4.6% rent growth in 2023.
BORDERING GOLF COURSE IN PROSPEROUS NEIGHBORHOOD
Nestled within an opulent and coveted locale, Golfview gracefully meanders alongside the serene Forest Park Golf Course, providing picturesque views enhanced by lush foliage. The immediate area is quite affluent with average household incomes and home values exceeding $122K and $346K, respectively.
PROMINENT CHICAGO MSA/NORTHWEST INDIANA REGION
Golfview boasts a prime, central location in Northwest Indiana (The Region), within the Chicago MSA. A mere one-hour drive from Chicago—the nation’s 3rd largest city—Golfview benefits from proximity to an abundance of employment, amenities and entertainment opportunities, while avoiding the exorbitant costs and inconveniences of a large metro. Northwestern Indiana is benefiting from a boom of new residents as people look to escape Chicago in favor of small-town charm, lower taxes and a more suburban environment.
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Grove at St. Andrews and Greenwood at Ashley River, two apartment communities totaling 902 units, which can be acquired together or individually. The two assets are situated in two of South Carolina’s most admired cities, Columbia and Charleston. The highly sought-after Dutch Fork and North Charleston submarkets are characterized by top-tier retail and sit in close proximity to some of the area’s largest economic drivers with over 115k jobs within a 20-minute drive from each property. The immediate areas surrounding the properties boast high HHI growth, majority white-collar populations, and impressive rent growth, representing the ideal time to own in these thriving pockets.
The properties offer an outstanding opportunity to gain immediate scale, infrastructure, and create efficiencies in high growth Southeastern markets through well capitalized assets ($5.3M+). Built from 1974-1984, the properties arrive to market with attractive loan assumptions offering interest rates well below current capital market levels and are primed for a Class-A value-add campaign where new ownership can benefit from the tremendous upside of the portfolio advantage, push rents $170+, and yield additional revenue for years to come.
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 54-unit Hawthorne Heights SFR community located in Bentonville, AR. Hawthorne Heights is attractively situated north of Downtown Bentonville and is just a short distance from Crystal Bridges, Bentonville High School and well-known local hiking/mountain biking trails.
Bentonville rests at the head of the booming NW Arkansas MSA, which is home to 3 Fortune 500 Companies – Walmart, JB Hunt and Tyson Foods. Walmart’s headquarters sits just 3-miles Southwest of the asset, supplying 14,000+ corporate jobs and is the World’s largest retailer. Hawthorne Heights is also uniquely positioned as an active senior living community for tenants age 55+, offering a unique asset to a tenant base which is underserved in the growing NW Arkansas market. With final units being delivered soon, Hawthorne Heights offers a premiere opportunity to invest in a well-located asset with the ability to achieve above market returns.
The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of The Heights at Knollwood Crossing, a 192-unit apartment community located in Hamilton, Ohio within the Cincinnati MSA. This asset is situated near major employers and abundant big box retail and restaurants. Built between 2004 and 2006, the property offers an outstanding opportunity to obtain a high demand, well-maintained and operated asset with a fixed rate assumable HUD loan. Additionally, revenue can be optimized by modernizing all units, initiating bill-back for water, sewer, and trash, and introducing sought-after amenities.
Adjacent Property Also Available For Sale
Cushman & Wakefield’s Multifamily Advisory Group is pleased to present the opportunity to acquire Hillside Residences, a 60-unit, 100% market rate, luxury apartment building located in Quincy Center. The property boasts market leading amenities in both the common areas and within the individual units, such as a state of the art fitness center, a roof deck with spectacular views of the Boston skyline, spacious community areas, under building garage parking and well-appointed unit interiors. The property includes a mix of studio, one bedroom, two bedroom, and four bedroom units with balconies featured in select units.
Hillside Residences is strategically located half a mile from the Quincy Center MBTA station, providing residents with unbeatable access to downtown Boston via the MBTA Red Line subway and Commuter Rail. The property is convenient to the area’s major roadways including Interstate 93, Routes 128/I-95 and Route 3, which provides the location immediate access to all points of the Greater Boston area and beyond.
Hillside Residences is available on an "as-is" basis and is being offered without a formal asking price. Upon receipt of a signed Confidentiality Agreement, investors will be provided with access to due diligence materials via The Multifamily System website. Once investors have had an opportunity to review the offering materials and tour the property, Cushman & Wakefield will schedule a "Call for Offers".
Cushman & Wakefield is pleased to present for sale, the Sioux Falls Multifamily Portfolio (the “Property”), a 22-property portfolio consisting of 1,146 total units. The properties are located throughout the city of Sioux Falls, South Dakota and present an investor the rare opportunity to purchase in a fast-growing market with attractive assumable debt and value-add program to boost NOI.
South Dakota Broker
Lloyd Real Estate
Kristen Zueger, SIOR
101 S Reid St. #201
Sioux Falls, SD 57103
SD License: 19941