The Cushman & Wakefield Sunbelt Multifamily Advisory Group is excited to present the exclusive listing of Quill, a newly built 208-unit Core multifamily asset in Atlanta’s booming Eastside submarket. Located in the dynamic Edgewood neighborhood, Quill presents a unique opportunity to acquire a thoughtfully designed asset with first class connectivity to Atlanta’s Eastside BeltLine Trail, Edgewood Retail District, and a plethora of energetic Eastside neighborhoods. The property is strategically positioned with direct access to MARTA, in an area of substantial upcoming investment and future redevelopment, driving above average rent growth. Quill has seen exceptional leasing velocity of 42 leases per month since April while increasing rents ~9% during lease-up. Additionally, Edgewood’s recently completed Transit Oriented Development with on-site retail space offers the neighborhood a central, social hub further enhancing Quill’s visibility.
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Quill
208 Units
1460 La France Street NE
Atlanta, GA  30307
Closed: 4/14/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 360-unit Amber Grove apartment community located in Marietta, GA. This asset is situated in the burgeoning suburbs of Cobb County with 3.8M SF of new developments under construction and 20% year-over-year multifamily rent growth. Current ownership has spent $3.8M on capital improvements at Amber Grove and renovated about 50% of units. A new owner can generate upside by renovating the remaining 167 units. Additionally, Amber Grove has a favorable tax advantage with frozen taxes over the next two years. Built in 1973, Amber Grove represents an outstanding opportunity to invest in a value-add asset with large floor plans and low density in the highly sought-after Cobb County.
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Amber Grove at Olley Creek
360 Units
2050 Austell Road
Marietta, GA  30008
Type:  Multifamily
Closed: 4/12/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Grove, a 178-unit apartment community located in Raleigh, NC. This asset is situated in a thriving pocket of West Raleigh, characterized by an affluent rental base, top rated schools, high home values (averaging $420K), and exceptional rent growth (20.3% Q1 2022). Less than 10 minutes away from the heart of Raleigh, the asset’s immediate location is emersed in some of the best retail, dining, and entertainment the city has to offer. Among the top three hottest job markets in the country, Raleigh is rapidly expanding with major mixed-use and office development projects currently underway. Thoroughfares I-440 and I-40 instantly link residents to the Triangle’s top employers, including Research Triangle Park, UNC Chapel Hill University/Healthcare, and Duke University/Healthcare. Built in 1972, The Grove represents an outstanding opportunity to invest in a well-maintained asset and complete a rewarding and proven value-add program to achieve an additional $264K in additional revenue.
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The Grove
178 Units
3926 Marcom Street
Raleigh, NC  27606
Closed: 4/11/2023
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Oxford Hills
480 Units
10304 Oxford Hill Drive
St. Louis, MO  63146
Type:  Multifamily
Sold
The Aviator [Ph II] - Closing 1
188 Units
7807 SW Starling Lane
Bentonville, AR  72712
Closed: 4/4/2023

Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Station 21 (the “Property”) - a Class A, 90-apartment home, luxury low rise residential community located in Hialeah, Florida. The property is available to be acquired upon receiving its certificate of occupancy which is slated for Q1-Q2 2023.

Ownership will guarantee new first time leases with average rents of $1,900 for the 36 one bedroom units, $2,200 for the 9 smaller sized two bedrooms and $2,300 for the 45 larger sized two bedroom units if they are engaged to lease the units on behalf of a new owner.

The property is strategically located adjacent to the Hialeah Metrorail Station. The Hialeah Metrorail Station operates from 5am to midnight and provides an 18 minute commute to Downtown Miami; 5 minutes to the Tri-Rail/Metrorail Transfer Station and 17 minutes to the Miami International Airport Station.

Station 21 apartments is being offered for the first time by its developers, Prestige Builders, and presents a rare opportunity to acquire a new construction, Miami-Dade apartment garden community in a centralized location with exceptional connectivity and accessibility.

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Station 21
90 Units
102 E 21st Street
Hialeah, FL  33010
Closed: 4/3/2023
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4342 Glen Este-Withamsville Rd.
30.84 Acres
4342 Glen Este-Withamsville Rd.
Cincinnati, OH  45245
Type:  Land
Closed: 4/1/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group and Larry G. Schedler & Associates, Inc. are pleased to present the exclusive listing of the 268-unit American Can apartment community located in New Orleans, LA. This asset is situated in between I-10 and I-610 with convenient access to major employers and over 23M SF of office space within a 3-mile radius. Located in Mid-City, the property is surrounded by major landmarks including City Park, Bayou St. John, Lake Pontchartrain and the BioMedical District. Current ownership completely transformed the asset by thoroughly renovating exteriors, upgrading 20% of the interior units and adding several amenities, including a dog park, resident lounge and outdoor courtyard at the property. With heavy lifting complete, a new owner has the opportunity to complete the interior value-add program. Built in 1929 as a manufacturing facility and converted to multifamily in 2002, American Can represents an outstanding investment in a unique product with major upside in the heart of New Orleans.
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American Can
268 Units
3700 Orleans Avenue
New Orleans, LA  70119
Closed: 3/31/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 533-unit Park Portfolio of three apartment communities located in Smyrna, Cobb County, Georgia. Each asset arrives to market with impressive organic rental growth trends, and all are strategically located in Atlanta’s booming northwest expansion district - home of the Atlanta Braves Battery development, the Platinum Triangle office and retail mecca, and Dobbins Air Reserve Base. Built in 1964-1967, the Park Portfolio presents an outstanding opportunity to acquire proven value-add assets in a high-growth market. The assets are being offered both individually and as a portfolio.
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Park 3 Portfolio (3 properties, 533 units)
Centerview Park (Recap)
128 Units
2300 Benson Poole Road
Smyrna, GA  30082
Type:  Multifamily
Closed: 3/31/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 533-unit Park Portfolio of three apartment communities located in Smyrna, Cobb County, Georgia. Each asset arrives to market with impressive organic rental growth trends, and all are strategically located in Atlanta’s booming northwest expansion district - home of the Atlanta Braves Battery development, the Platinum Triangle office and retail mecca, and Dobbins Air Reserve Base. Built in 1964-1967, the Park Portfolio presents an outstanding opportunity to acquire proven value-add assets in a high-growth market. The assets are being offered both individually and as a portfolio.
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Park 3 Portfolio (3 properties, 533 units)
Beckett Park
249 Units
810 Windy Hill Road
Smyrna, GA  30080
Type:  Multifamily
Closed: 3/30/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 300-unit Oxford apartment community located in Lawrenceville, Gwinnett County, GA. This asset is well-positioned in one of the top-performing multifamily submarkets in the nation, which has seen upward trends in rent and occupancy for more than two decades. Already the most populated suburban county in the state, Gwinnett’s demand for workforce housing continues to grow alongside new retail, office and industrial activity. The property currently has 99 classic units and 192 partial units, allowing a new owner to complete the interior value-add program. Built in 1984, The Oxford offers a prime opportunity to invest in a proven value-add asset with remaining upside for the next owner.
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The Oxford
300 Units
3400 Club Lakes Parkway
Lawrenceville, GA  30044
Type:  Multifamily
Closed: 3/30/2023

5.9% T-3 CAP RATE / $140K PER UNIT

Buffalo Creek is being offered free and clear by the long-term owner (15+ years) at an attractive price of $140k per unit. The property is well-performing with an average historical occupancy of 97.5% (last four years). T-3 Cap Rate is 5.9% and Year One Cap Rate (without upgrades) is 6.5%.

PROVEN VALUE-ADD POTENTIAL

The current owner has upgraded 72 units, which are achieving an average monthly rent premium of $131. Further rent growth could be achieved by upgrading 236 classic units and improving upon the 72 units already upgraded. Nearby properties have completed upgrades and are achieving higher rents. A new owner could also continue to operate the property as is without upgrades and achieve organic rent growth.

UNIQUE PROPERTY WITH EXTENSIVE AMENITIES

Ideally situated within an upscale mixed-use planned development, Buffalo Creek was built by J.C. Hart, a well-respected Indianapolis developer. The low-density property offers lush landscaping with five scenic lakes, attractive exterior architecture, beautifully designed units and an extensive list of amenities including a state-of-the-art fitness center, sports courts, dog park, putting green and outdoor social spaces.

EXCELLENT HIGH-GROWTH AREA

The property is adjacent to the city of Greenwood (Johnson County), a sought-after south suburb of Indianapolis enjoying 23% population growth since 2010. Average rents for the south side increased 13.8% year-over-year. The area is also known for well-performing schools and proximity to downtown Indianapolis, offering additional employment opportunities for residents.

HIGH TRAFFIC LOCATION NEAR AREA'S BEST AMENITIES

The property entrance is visible from high-traffic County Line Road (23,386 AADT). Residents benefit from proximity to major employer Community Hospital South, and two dense corridors (Meridian Street/SR-135 and US-31) filled with the south side’s best shopping, dining and entertainment options including the popular Greenwood Park Mall, containing 1.2M SF and more than 150 retailers.

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Buffalo Creek
308 Units
720 Buffalo Run Drive
Indianapolis, IN  46227
Closed: 3/29/2023
Restoration Plaza offers a buyer an opportunity to purchase a 128 - unit Senior Independent Affordable Housing complex with a long-term HAP & 202 PRAC contract. The properties are very well maintained, with strong REAC scores, and are located near major highways and amenities in the Columbus market.

1. HAP & PRAC CONTRACTS
Restoration Plaza I & II consist of 89 units consisting of 79- 1BR & 10 efficiency units that are 100% Project Based Section 8 HAP contract that expires in 2032. Restoration Plaza III is a 39-1BR unit Building under an annual PRAC contract.

2 . STRONG REAC SCORES & OCCUPANCY
Restoration I & II received a REAC score of 89 in January of 2022 and Restoration III in 2019 received a REAC score of 98. Occupancy has historically been near 98% over the past years.

3 WELL MAINTAINED PROPERTY
The community was constructed between 1987-2007 consisting of 3 buildings that are 3-stories each with all brick construction and have been well maintained throughout the years and remain in great condition.

4. NEW DEBT OPPORTUNITY
Restoration I & II offer a buyer an opportunity to place new debt on the asset in order to take advantage of the favorable rate environment. Restoration III was constructed with a Capital Advance Program Loan that will be forgiven as long as housing remains a low-income senior property.

5. CONVENIENT LOCATION
Located North East of Downtown Columbus, residents have easy access to major thoroughfares including I-71. Residents have quick access to shopping, dining and medical facilities throughout the Columbus metro area.
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Restoration Plaza
128 Units
4750-4800 Tamarack Blvd.
Columbus, OH  43229
Closed: 3/6/2023
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Governor's Hill
   
8600-8650 Governors Hill Dr.
Cincinnati, OH  45249
Closed: 3/3/2023

NEW WALKABLE PRODUCT - 4.7% T-3 CAP RATE

Wesmont is a 2021-built modernistic urban community adjacent to the Monon Trail and connected to downtown. Residents can easily walk to top amenities including Bottleworks District, Mass. Ave. cultural district, coffee shops, restaurants, breweries, distilleries and more. Met with high demand, the property leased up in less than one year and is now 97% occupied and offered at a 4.7% T-3 Cap Rate.

UPSCALE & MODERN WITH UNDER MARKET RENTS

With a resort-style pool, outdoor gathering spaces, indoor lounge, fitness center, pet wash, and adjoining large soccer park/green space, PROVIDER Coffee, Tinker Street, and Hotel Tango Distillery, residents have all they need. Current Market Rates are $210+, on average, below nearby competing properties.

LUXURY UNIT INTERIORS

Unit interiors feel spacious with open concept living, 9’ ceilings and walk-in closets. Luxurious finishes include granite counters, stainless appliances, kitchen island and in-unit washer and dryer.

POPULAR, RAPIDLY EXPANDING NEIGHBORHOOD

The property is situated near expanding and historic northside neighborhoods where homes are affluent and sell for exponentially more than the MSA as a whole. New adjacent amenities include a COhatch coworking center with North High Brewery, and a splash park and playground at the O’Bannon soccer park.

FAVORABLE 10-YEAR TAX ABATEMENT

Wesmont has 10-year tax abatement in place that ends in the year 2030 offering the new owner increased cash flow. 38 Units must be leased to residents earning 60%-80% or less of Area Median Income (19 at 60% and 19 at 80%). Current Market Rents are, on average, $295+ below the Max Allowable Rents.

ATTRACTIVE EXISTING DEBT

Wesmont is being sold subject to the assumption of an attractive existing Freddie Mac loan with a 4.20% interest rate and 62% LTV and 10 years of fixed rate term.

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Wesmont
188 Units
1515 Lewis Street
Indianapolis, IN  46202
Type:  Multifamily
Closed: 3/1/2023
Sold
Eagle Lake Landing
277 Units
2045 High Eagle Trail
Speedway, IN  46224
Type:  Multifamily
Closed: 2/28/2023

5.5% CAP RATE + 13% INCREASE ON LEASE TRADEOUT

WestPark is offered at a high 5.5% trailing cap rate and is a well-performing property. With organic rent growth of 13.3% on new leases in Q2 2022, 60% renewal rate year-over-year and historically high occupancy, the property is poised for a robust ROI.

$20K/UNIT RENO COMPLETED ON ALL UNITS

A $20K per unit renovation has been completed on all units. Upgrades included all new soft close modern cabinetry, granite counters, stainless steel appliances, undermount deep basin kitchen sink with spray faucet, LVT plank flooring, all new light fixtures, and two-tone paint scheme.

VIBRANT WEST SIDE EMPLOYMENT

Ideally located on the west side of Indianapolis, WestPark is visible along high-traffic 10th Street just north of the Indianapolis Int'l Airport and adjacent to fast-growing and prosperous Hendricks County. Residents can quickly access abundant major employment including prime logistics facilities and IU Health West Hospital.

POPULAR TOWNHOME LAYOUTS

The townhomes at Westpark are spacious at 1,125-1,380 square feet and feature ample closet space, private entries, washer/dryer connections, separate dining room and a patio or balcony in most units. The three-bed layouts include a bonus room on the first floor.

UPSCALE CLUBHOUSE & ATTRACTIVE AMENITIES

The two-story clubhouse recently underwent a full modern renovation with an upscale design and includes a large fitness center, kitchenette with island, and lounge with fireplace. Just outside the clubhouse is a swimming pool with expansive deck, playground and Amazon hub.

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WestPark Townhomes
200 Units
1225 West Park Way
Indianapolis, IN  46214
Closed: 2/27/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 533-unit Park Portfolio of three apartment communities located in Smyrna, Cobb County, Georgia. Each asset arrives to market with impressive organic rental growth trends, and all are strategically located in Atlanta’s booming northwest expansion district - home of the Atlanta Braves Battery development, the Platinum Triangle office and retail mecca, and Dobbins Air Reserve Base. Built in 1964-1967, the Park Portfolio presents an outstanding opportunity to acquire proven value-add assets in a high-growth market. The assets are being offered both individually and as a portfolio.
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Park 3 Portfolio (3 properties, 533 units)
Lexington Park
156 Units
2950 South Cobb Drive
Smyrna, GA  30080
Type:  Multifamily
Closed: 2/22/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 24-unit Rosewood Manor apartment community located in Moulton, Lawrence County, AL. This asset is situated in booming North Alabama, pegged between the Florence/Muscle Shoals and Huntsville MSAs, which is expected to add nearly 50,000 new residents by 2025. The asset is immediately eligible to enter the Qualified Contract period and begin conversion to a market rate community. Built in 2001 as 55+ designated LIHTC, Rosewood Manor offers an outstanding opportunity to invest in an asset offered well-below replacement cost with significant value-add upside via LIHTC exit.
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Rosewood Manor
24 Units
1111 Pickens Street
Moulton, AL  35650
Closed: 2/16/2023

5.8% TRAILING CAP RATE + 100% OCCUPIED

Melrose Place is being offered at a high 5.8% trailing cap rate and is currently 100% occupied. The property is well-positioned for increased revenue by raising rents on new leases.

RENOVATED TURN KEY PROPERTY

A new owner can step in and operate the property as is with several improvements completed including all new HVAC units, water heaters, landscaping and balconies. All units have new modern cabinetry, quartz countertops, black appliances, plumbing and light fixtures, LVT flooring, two-tone paint scheme and in unit washer/dryer.

$2B LILLY INVESTMENT BRINGING 500 NEW JOBS

A transformational development is taking place with the largest investment to date in Lebanon. The LEAP Lebanon Innovation and Research District, a planned 7,000+ acre high-tech business park, has acquired its first tenant. Eli Lilly plans to invest $2.1 Billion to build two new manufacturing sites and bring up to 500 new jobs to the city.

GREAT LOCATION IN LEBANON (BOONE COUNTY)

The property is within walking distance to dining and shopping options in downtown Lebanon, and is close to major employers including Subaru, Skjodt-Barrett Foods, Festool (HQ) and Hachette Book Group. Lebanon is the county seat of Boone County—the fastest-growing county, and one of the most affluent, in Indiana.

CONVENIENT ACCESS TO INDIANAPOLIS & LAFAYETTE

Located in central Indiana, Lebanon is convenient to abundant employment and amenities in Indianapolis (±11 miles southeast) and Lafayette (Home of Purdue University, ±33 miles northwest). Both cities are accessible from Interstate 65, just one mile west of Melrose Place.

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Melrose Place
12 Units
316 W. Washington Street
Lebanon, IN  46052
Type:  Multifamily
Closed: 2/14/2023

CLEAR VALUE-ADD POTENTIAL

The Sycamores is perfectly positioned for supplemental upgrades. A new owner could increase revenue by fully upgrading all units, adding washer/dryer connections, building additional units, renting storage units and extra carports, and re-purposing the tennis courts.

CAPITAL INFUSION

The current owner has completed over $1.6 Million in improvements. These include light upgrades to 105 unit interiors, 22 new roofs, new bark park, new playground, updated clubhouse, two new BBQ areas, and upgrades to the pool area.

UPSCALE, GROWING SOUTH SIDE SUBURB

Residents enjoy quick access to Downtown Indianapolis’ diverse employment options and well-performing schools. Less than two miles south is the city of Greenwood, a sought-after south suburb with a fast-growing population and high average household incomes.

PROXIMITY TO AREA'S BEST AMENITIES

The property has excellent visibility along the high-traffic Stop 11 Road. Residents benefit from quick access to US-31, Madison Avenue and SR-135—dense corridors filled with shopping, dining and entertainment options.

EXCELLENT FLOOR PLANS

The Sycamores offers spacious, open floor plans with desirable layouts in one, two and three bedroom unit styles.

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Sycamores
210 Units
1614 E. Stop 11 Road
Indianapolis, IN  46227
Type:  Multifamily
Closed: 1/31/2023
Cushman & Wakefield is pleased to present for sale, 1220 Sylvan Street Apartments, a 17-unit Multifamily asset located in the North of Maryland/North End neighborhood of St. Paul, Minnesota’s state capital.

The property is located just off Interstate 35E and minutes from Como Park, home to the Como Zoo and Conservatory, with convenient access to both Downtown St. Paul (2.5 miles) and Downtown Minneapolis (11 miles).

The property is currently 100% occupied, sees low turnover, has strong, consistent cash flow, and provides a lucrative value-add opportunity for the next investor to complete a light unit-interior renovation and other common area/exterior renovations.

1220 Sylvan Street 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”.

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1220 Sylvan Street Apartments
17 Units
1220 Sylvan Street
St. Paul, MN  55117
Type:  Multifamily
Closed: 1/30/2023
Click Here to Visit the Auction Website

Auction Dates: November 14th - 16th, 2022

Tour Dates: Contact CW team November 14th - 16th, 2022

Lender Owned Property Being Sold at Auction

Rudman On The Park is being offered for sale as a distressed property directly from the lender.

Value add from converting vacant office space to multifamily and and leasing the vacant retail space

The property has 27,000 SF of office space on levels two and three that can be converted to apartments. Below market rents in place with $200-$300/month increase potential. There is also 10,272 SF of retail space that is currently vacant and available for lease.

Momentum In The City

St. Louis City is in the midst of a renaissance that is reigniting the growth and vibrancy of the urban core. Over the past 24 months, more than $300 million in development was completed in Downtown alone. The community is benefiting from public and private investment with over $5 billion being invested since 2000.

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Rudman On The Park
48 Units
1228 Washington Avenue
St. Louis, MO  63103
Type:  Multifamily
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Ridges at Bentonville, a 96 unit 2006 built apartment community located in the Northwest Arkansas MSA. This asset is situated in Bentonville, AR which has experienced 13.9%+ YoY rent growth in the last year and offers residents quick access to the booming NW Arkansas MSA that is home to the world headquarters of Walmart and 2 other fortune 500 companies. Nearby high-quality employment opportunities and lifestyle amenities will continue to attract high-income residents to the submarket, thus driving affluent growth for the property. The Ridges at Bentonville arrives to market 99% occupied and offers an outstanding opportunity to invest in a strong performing asset with significant value add upside in one of the fastest growing markets in Arkansas.
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The Ridges at Bentonville
96 Units
7806 SW Blue Jay Lane
Bentonville, AR  72712
Closed: 1/27/2023