The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 296 unit Berkshire-54 apartment community located in Carrboro, NC. The property rents to a highly educated, affluent submarket with average household incomes of $115K and 74% of renters holding a Bachelor’s Degree or higher within a 3 mile radius. With the largest supply wave already in the rear-view mirror, growing demand of Chapel Hill paired with Carrboro’s limited supply (only 94 units delivered in the last 10 years) poises the property for consistent returns for years to come. Built in 1972/1978, Berkshire-54 offers an outstanding opportunity to invest in a quality asset providing incoming owners with a strong value-add framework to complete interior renovations and generate an additional $366K in annual income culminating in a 22% boost to T12 NOI.
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Berkshire 54 NEED BUYER
296 Units
112 Highway 54 Bypass
Carrboro, NC  27510
Type: Conventional
Closed: 7/30/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the Carolinas Value-Add 5 Portfolio - five assets totaling 993 units, located in the desirable submarkets of Columbia, SC, Greenwood, SC, Florence, SC, and Greensboro, NC. The portfolio represents a significant value creation opportunity to invest in strong quality assets that have received a combined +$13.9 million in Capex across two southeastern high-growth states. Situated in bustling micro locations with high barriers to entry, these assets are poised for substantial growth with unparalleled access to a plethora of jobs, higher education, strong household income growth, and seamless connectivity to major thoroughfares. The portfolio arrives with an opportunity to perform a proven, successful value-add campaign on 56% (556) of the units. Built in 1949-1988, the Carolinas Value-Add 5 Portfolio presents an excellent value-add framework to build upon.
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Carolinas Value-Add 5 Portfolio (5 properties, 993 units)
LIVE Gate City
100 Units
3227 Orange Street
Greensboro, NC  27405
Type: Conventional
Closed: 7/29/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the Carolinas Value-Add 5 Portfolio - five assets totaling 993 units, located in the desirable submarkets of Columbia, SC, Greenwood, SC, Florence, SC, and Greensboro, NC. The portfolio represents a significant value creation opportunity to invest in strong quality assets that have received a combined +$13.9 million in Capex across two southeastern high-growth states. Situated in bustling micro locations with high barriers to entry, these assets are poised for substantial growth with unparalleled access to a plethora of jobs, higher education, strong household income growth, and seamless connectivity to major thoroughfares. The portfolio arrives with an opportunity to perform a proven, successful value-add campaign on 56% (556) of the units. Built in 1949-1988, the Carolinas Value-Add 5 Portfolio presents an excellent value-add framework to build upon.
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Carolinas Value-Add 5 Portfolio (5 properties, 993 units)
LIVE Florence
144 Units
318 East Royal Street
Florence, SC  29506
Closed: 7/28/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 84-unit Magnolia Ridge garden apartment community located in Gaffney, SC. This asset is strategically located in close proximity to historic downtown Gaffney and the nationally recognized Limestone College. Magnolia Ridge offers new ownership an opportunity to continue implementing the value-add campaign bringing features to the current renovated levels which are achieving average premiums of $70 across all unit sizes.
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Magnolia Ridge
84 Units
266 Goldmine Springs Road
Gaffney, SC  29340
Closed: 7/28/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Waterleaf at Battery Creek, a 212-unit, state-of-the-art community offering its residents best-in-class living space and amenities in Beaufort, SC. This asset is located in the heart of Low Country South Carolina, a rapidly expanding coastal region situated along Interstate-95 between the major U.S. ports of Savannah and Charleston. Waterleaf at Battery Creek sits in one of the most sought-after locations in the area, with unobstructed water views and immediate access to the Port Royal Sound and Atlantic Ocean by way of a stunning on-site 300-ft crab dock. The Hilton Head-Bluffton-Beaufort market is seen as an attractive destination for residents fleeing larger U.S. cities with dense infrastructures, migrating towards coastal markets. These trends, which were only amplified by the pandemic, explain the market’s population surge of 58% since 2000, all while experiencing consistently strong rent growth (4% in Q4-2020). With phenomenal market fundamentals and a rapid lease-up seeing 17+ move-ins per month, Waterleaf at Battery Creek proves to be an outstanding opportunity to invest in a newly-built, core asset poised to capitalize on a lengthy Class-A runway with $300+ rental headroom to the leading market competitor.
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Waterleaf at Battery Creek
212 Units
10 Shell Creek Drive
Beaufort, SC  29906
Closed: 7/22/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 1994-built, 110-unit Paladin apartment community and the 1993/1995-built, 44-unit Magnolia Trace, located in growing Greenville, NC. The properties are strategically situated in the path of growth, located within a mile of the ECU College of Nursing, ECU Brody School of Medicine, College of Allied Health Sciences, and Pitt County’s top employer, Vidant Medical Center. Each property offers an untapped value-add opportunity across all units for NOI boosts through a multi-pronged interior upgrade initiative with additional Other Income revenue streams. Greenville’s infrastructure will continue to urbanize as it shifts from an agricultural/manufacturing hub to Medical expertise & white collar workforce, while government employment provides an economic anchor during this generational transition. With no new deliveries scheduled in the area, Paladin and Magnolia Trace are poised to for strong performance with a stout location and sound market fundamentals for years to come.
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Magnolia Trace & Paladin (2 properties, 154 units)
Paladin Apartments
110 Units
400 Paladin Drive
Greenville, NC  27834
Closed: 7/21/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 1994-built, 110-unit Paladin apartment community and the 1993/1995-built, 44-unit Magnolia Trace, located in growing Greenville, NC. The properties are strategically situated in the path of growth, located within a mile of the ECU College of Nursing, ECU Brody School of Medicine, College of Allied Health Sciences, and Pitt County’s top employer, Vidant Medical Center. Each property offers an untapped value-add opportunity across all units for NOI boosts through a multi-pronged interior upgrade initiative with additional Other Income revenue streams. Greenville’s infrastructure will continue to urbanize as it shifts from an agricultural/manufacturing hub to Medical expertise & white collar workforce, while government employment provides an economic anchor during this generational transition. With no new deliveries scheduled in the area, Paladin and Magnolia Trace are poised to for strong performance with a stout location and sound market fundamentals for years to come.
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Magnolia Trace & Paladin (2 properties, 154 units)
Magnolia Trace Townhomes
44 Units
905-911 Allen Road
Greenville, NC  27834
Closed: 7/20/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 256-unit, Meriwether Place apartment community located in Durham, NC. Built in 1996/1998, this asset received a capital investment of over $1.7 million in exterior amenities and interior upgrades. The property has completed high-end renovations on 11 trial units, of which are leasing up to $1,300 per month, giving investors the opportunity to capitalize on the remaining 245 units paired with the ability to implement multi-pronged revenue streams. Meriwether Place is situated in a bargain submarket with a diverse workforce ranging from manufacturing to global tech industries, as surrounding submarkets vastly outpace East Durham rental rates but offer equal work commutes to employment hubs. The growing infrastructure of Durham paired with muted supply in the submarket defines Meriwether Place as a strong asset with a positive outlook.
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Meriwether Place
256 Units
4001 Meriwether Drive
Durham, NC  27704
Type: Conventional
Closed: 7/14/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 56-unit Glenside Woods apartment community located in Greensboro, NC. This property offers investors a rare opportunity to invest in a unique, under-performing asset firmly situated in one of the fastest growing submarkets of the Triad. As submarket household incomes approach $90K+ paired with a muted delivery pipeline, the market indicates support for higher-end finishes in the surrounding areas, as Greensboro shifts its focus to target a white-collar workforce through educational attainment. New ownership will have the opportunity to boost NOI by 37% through the continuation of a proven value-add program and implementation of utility reimbursements.
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Glenside Woods
56 Units
1621 Glenside Dr
Greensboro, NC  27405
Closed: 7/1/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 206-unit Tree Top apartment community located in Raleigh, NC. This asset is situated in the rapidly-expanding North Hills area, a submarket transitioning into a new employment hub as Advanced Auto Parts leads the way with a new HQ only a mile from the property. Outstanding demographic trends paired with a 11% home value growth over the past 12 months have brought national investor recognition to the area as urban development materializes. The community is primed for a market backed, multifaceted value-add initiative targeting unit amenity enhancements and interior upgrades, with potential to increase NOI by 41%. Tree Top is a strong asset situated in a market with an advantageous rent forecast, low unemployment rate, wealthy workforce, and growing population.
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Tree Top
206 Units
1328 Steinbeck Drive
Raleigh, NC  27609
Type: Conventional
Closed: 7/1/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 120-unit Summerlin Ridge apartment community. The asset is situated adjacent the region’s largest concentration of retail along Hanes Mall Boulevard and also benefits from a proximate location to I-40 as well as major local highways providing unmatched connectivity throughout the region. The South Winston-Salem Submarket continues to see impressive year-over-year rent growth. An increasingly wealthy population in the immediate 3-mile radius and lack of new deliveries create ideal conditions to support the projected 3.3% average annual rent growth through 2025. Built in 2004, Summerlin Ridge offers investors a proven, high-end value-add platform charging $240 premiums that upon completion would result in a 28% increase to NOI.
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Summerlin Ridge
120 Units
2425 Summerlin Ridge Road
Winston-Salem, NC  27103
Type: Conventional
Closed: 6/30/2021
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of the 158-unit Hawthorne Centre North and the 78-unit Hawthorne Lofts South located in the center of Wilmington, NC, the 3rd fastest growing city in the state. These offerings can be purchased individually or as a portfolio. Built in 1996/1990, this well-maintained portfolio has received over $3.5 million in capital improvements since 2013, implementing property-wide roof replacements in 2019 and significant amenity enhancements along with light upgrades throughout the units. The area has received a massive influx of new residents, as Wilmington explodes in population growth due to in-migration accelerated by the pandemic, as remote workers love the affordable beach lifestyle and beautiful scenery that Wilmington has to offer. Impressive leasing trends are expected to continue with Wilmington, NC ranking as a top 20 city in the United States for inbound population growth in 2020. Both properties are top performers in their submarket by holding a 98% occupancy average over the past 15 months. Current renovations at the Hawthorne Centre North and Hawthorne Lofts South are achieving rent premiums of $75 and $95, respectively. Despite this impressive performance, the market indicates there is an opportunity for a higher-end value-add program that would result in a potential boost to NOI by 28%-37%, along with the potential to implement additional revenue streams.
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Hawthorne Centre North and Lofts South (2 properties, 236 units)
Hawthorne Centre North
158 Units
5208 Ringo Drive
Wilmington, NC  28405
Type: Conventional
Closed: 6/28/2021
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of the 158-unit Hawthorne Centre North and the 78-unit Hawthorne Lofts South located in the center of Wilmington, NC, the 3rd fastest growing city in the state. These offerings can be purchased individually or as a portfolio. Built in 1996/1990, this well-maintained portfolio has received over $3.5 million in capital improvements since 2013, implementing property-wide roof replacements in 2019 and significant amenity enhancements along with light upgrades throughout the units. The area has received a massive influx of new residents, as Wilmington explodes in population growth due to in-migration accelerated by the pandemic, as remote workers love the affordable beach lifestyle and beautiful scenery that Wilmington has to offer. Impressive leasing trends are expected to continue with Wilmington, NC ranking as a top 20 city in the United States for inbound population growth in 2020. Both properties are top performers in their submarket by holding a 98% occupancy average over the past 15 months. Current renovations at the Hawthorne Centre North and Hawthorne Lofts South are achieving rent premiums of $75 and $95, respectively. Despite this impressive performance, the market indicates there is an opportunity for a higher-end value-add program that would result in a potential boost to NOI by 28%-37%, along with the potential to implement additional revenue streams.
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Hawthorne Centre North and Lofts South (2 properties, 236 units)
Hawthorne Lofts South
78 Units
351 Red Wing Lane
Wilmington, NC  28403
Type: Conventional
Closed: 6/28/2021
OM AVAILABLE SOON
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 244-unit Legacy Haywood apartment community located in Greenville, SC. Legacy Haywood offers investors the opportunity to own the best-in-class suburban asset in one of the most burgeoning markets in the Sunbelt. The property is ideally located between Downtown and the I-85/I-385 corridor which provides superior access to Greenville’s largest employment nodes and 59,000 jobs within a 3-mile radius. The Greenville market has consistently averaged 3%+ rent growth, and after an extended season of supply, is starting to witness a diminishing delivery pipeline as there are no proposed or under construction units within 3 miles of Legacy Haywood. Best-in-class amenities provide a resort-like feeling throughout the property, while carefully curated unit interiors highlight the asset’s superiority over submarket competitors. Built in 2020, Legacy Haywood represents an outstanding opportunity to invest in the premier asset of suburban Greenville while offering the opportunity to capture $240 in rental headroom to top-of-market competitors.
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Legacy Haywood
244 Units
930 Old Airport Road
Greenville, SC  29607
Closed: 6/25/2021
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Barrington
342 Units
5775 Summer Place Parkway
Hoover, AL  35244
Type: Conventional
Closed: 6/22/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 232-unit Preserve at Woods Lake apartment community located in Greenville, SC. This asset is situated in the Central Greenville submarket which is characterized by its impressive 3-mile demographics as average HHI’s are $87k+ and projected to rise 14% through 2025, 46% of the population has a Bachelor’s Degree or higher and 67% of people work a white collar job. Built in 1997, Preserve at Woods Lake offers new ownership an opportunity to implement a value-add 2.0 campaign to align the property with features that rival Class-A product in the market and command average premiums of $129 across all unit sizes.
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Preserve at Woods Lake
232 Units
412 Woods Lake Road
Greenville, SC  29607
Type: Conventional
Closed: 6/16/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 45-unit, Monarch apartment community located in Durham, NC. Built in 1965, the property recently completed high-end unit turns, providing investors with a competitive asset at a discount to replacement cost. The surrounding market indicates that potential investors can take the current mid-tier renovations a step further with the opportunity to boost NOI by over 61% through implementation of an enhanced value add program. As Downtown Durham continues to revitalize its infrastructure, this quality, low maintenance asset is primed to capture the incoming workforce spillover as the city continues to attract new and expanding Tech/ Life Sciences/Healthcare employers, resulting in an affluent and educated labor pool.
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Monarch
45 Units
1001 Ruby Street
Durham, NC  27704
Closed: 6/15/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 96-unit Retreat at the Park apartment community located in Anderson, SC. This asset is situated in the blossoming Anderson submarket which boasts the state’s best projected average effective rent growth (12%) while maintaining steady occupancy levels (96%) over the next 4 years and a limited multifamily development pipeline. Built in 1960, The Retreat at the Park offers new ownership an outstanding opportunity to invest in an asset nestled in a promising submarket with strong supporting fundamentals and potential to renovate all 96 units (100%) to realize $157 premiums over current leased rents.
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Retreat at the Park
96 Units
170 River Oak Drive
Anderson, SC  29624
Closed: 6/15/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Enclave at Pamalee Square, a 242-unit apartment community located in Fayetteville, North Carolina. Surrounded by the region’s prominent thoroughfares residents of Enclave at Pamalee Square enjoy convenient access to prime retail and dining, as well as the largest employers in the city, including Fort Bragg. Enclave at Pamalee Square offers investors the opportunity to invest in a strong performing asset showing impressive operational momentum through 2020 and into 2021. The asset is primed for a value-add program to capitalize on market rental head room in a recession proof market that ranked #1 in annual effective rent growth in 4Q20 out of 150 ranked markets.
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Enclave at Pamalee Square
242 Units
1014 Enclave Drive
Fayetteville, NC  28301
Type: Conventional
Closed: 6/14/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 102-unit Chambers Ridge apartment community located in Carrboro, NC. This asset is situated on the Jones Ferry Rd/ NC-54 interchange with immediate access to the area’s premier retailers and economic drivers - Raleigh, Durham, and Research Triangle Park. Chambers Ridge rents to a highly educated, affluent submarket with average household incomes of +$105K and 74% of renters holding a Bachelor’s Degree or higher within a 3 mile radius. With the largest supply wave already in the rear-view mirror, growing demand of Chapel Hill paired with Carrboro’s limited supply (only 94 units delivered since 1997) poises the property for consistent returns for years to come. Built in 1985, Chambers Ridge offers an outstanding opportunity to invest in a quality asset that has received over $500K in capital expenditures including high-end unit finishes primed for organic rent growth.
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Chambers Ridge
102 Units
201 Westbrook Drive
Carrboro, NC  27510
Type: Conventional
Closed: 6/11/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 148-unit NEXTloft apartment community located in Bluffton, SC (Hilton Head MSA). This asset is situated in a rapidly-expanding coastal community northeast of Savannah, GA with exceptional demographics of $100K+ avg. HHI within a 1-mile radius and projected growth of 10.89% by 2025. Built in 2000, NEXTloft has had over $850K capital injected into the property since 2018 and arrives to market 94.6% occupied with upward income trajectory and proven organic growth.
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NEXTloft
148 Units
1376 Fording Island Road
Bluffton, SC  29910
Type: Conventional
Closed: 5/21/2021
The Cushman & Wakefield Student Housing Capital Markets Team, in conjunction with the Sunbelt Multifamily Advisory Group, is pleased to present the exclusive listing of the 126-unit, 504-bed, Reign Living at the Stadium student housing apartment community, located in Columbia, South Carolina. This asset is situated in a highly desirable location, adjacent to the University of South Carolina's Williams-Brice football stadium, and includes a private student walkway with exclusive gate access to the stadium's entrance. The property completed construction in Fall 2020 and delivered at 99% occupancy and has since achieved 99% prelease for Fall 2021. Reign Living at the Stadium offers a Class "A" investment opportunity with the latest amenities in the thriving University of South Carolina market.
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Reign Living at the Stadium (need SP)
126 Units | 504 Beds
1105 Shop Road
Columbia, SC  29205
Closed: 5/21/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is excited to present the exclusive listing of Caroline, a 237-unit mixed-use apartment community located on Charleston, South Carolina’s peninsula. The property is strategically situated within the new 50-acre urban, waterfront district “WestEdge” masterplan, which has a projected impact of 4,280 new jobs and 2,500+ residents upon completion. Caroline has set the stage for growth by reaching stabilization while still having $700+ in rental headroom. Increased barriers to entry on the peninsula due to numerous municipal and design requirements will shield Caroline from new supply, as it benefits from being one of only two communities with unobstructed views of the Ashley River.
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Caroline
237 Units
99 Westedge Street
Charleston, SC  29403
Type: Conventional
Closed: 5/20/2021
OM AVAILABLE SOON
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of 121-unit Palmetto Gardens & Willwood Gardens apartment community located in Florence, SC. This asset is strategically located just off the I-95 & I-20 interchange near Florence’s major job and retail centers which provide high visibility and ease of travel into the center city. Built in 1984/1987/1991, Palmetto Gardens & Willwood Gardens represent an incredible opportunity to invest in an asset that has been well-maintained, while offering an ideal micro location and tremendous upside through the implementation of a proven value-add program.
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Palmetto Gardens & Willwood Gardens
121 Units
2305 West Palmetto Street
Florence, SC  29501
Closed: 5/19/2021