The Cushman & Wakefield Student Housing Team in conjunction with the Cushman & Wakefield Carolina’s Conventional Multifamily team is proud to present 33 East. This 264-unit, 1,056-bed student housing property is situated on 55.54 total acres serving students of East Carolina University (ECU) in Greenville, NC. The property is a well-built student housing community with 100% bed-bath parity and oversized common amenities and large units. Current ownership has addressed deferred maintenance and has a proven business plan in which renovated units currently achieve rental and occupancy premiums.
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33 East
264 Units | 1,056 Beds
3305 East 10th Street
Greenville, NC  27858
Type: Student
Closed: 8/25/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Preserve at Pine Valley, 219-unit apartment community located in Wilmington, NC, the 3rd fastest growing city in the state. Built in 1974, Preserve at Pine Valley is a strong performing asset with excellent value-add potential and strong operational momentum. Ranked top 20 for inbound population growth in 2020, the South Wilmington submarket posted 17.5% YoY rent growth through 2021 bolstered by the presence of nearby retail, jobs, and education opportunities including UNC Wilmington just north of the property. Incoming investors can capitalize on strong market fundamentals by completing the in-place value-add program and pushing rents $300+.
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The Preserve at Pine Valley
219 Units
3314 Wickslow Road
Wilmington, NC  28412
Type: Conventional
Closed: 8/25/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group and Larry G. Schedler & Associates, Inc. are pleased to present the exclusive listing of the 144-unit Greenbrier Estates apartment community located in St. Tammany Parish, Slidell, Louisiana. St. Tammany is a business-friendly and affluent suburb north of I-12, home to numerous recent major economic developments. The asset has excellent connectivity, located near the intersection of I-12 and I-10. New ownership has the opportunity to implement a value-strategy to boost rents at the property. Further, the 12.7 acres of land next to the asset will allow a new owner to build out a Phase II of approximately 200 units. Built in 2003, Greenbrier Estates represents an outstanding opportunity to invest in a value-add asset in a highly-desirable New Orleans submarket.
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Greenbrier Estates
144 Units
100 Greenbrier Way
Slidell, LA  70460
Type: Conventional
Closed: 8/24/2022

HIGHLY DESIRABLE ALL TOWNHOME LAYOUTS WITH GARAGES

100% of the units at Aurora have an attached one car garage and offer a spacious townhome layout with 1,200+ square feet of living space, providing a single family look and feel. All units have a private entrance, front and back yard, private garage, in unit washer/dryer connection, deck, and spacious basement with storage space and daylight window.

HIGH OCCUPANCY, 5.2% T-3 CAP RATE & UNDER MARKET RENTS

With current occupancy of 94%+/- and a multi-year history of high occupancy, Aurora has demonstrated incredibly high renter demand. Current rental rates trail the surrounding comparable properties by more than 20% / $260+ per month. Pricing guidance at $11M represents 5.2% Cap Rate on T-3.

ABILITY TO RAISE REVENUE IMMEDIATELY

In addition to organic rent growth, a new owner can increase rents by completing interior unit upgrades to achieve $200+ monthly premiums.

CLOSE PROXIMITY TO RETAIL & EMPLOYMENT

Residents of Aurora Townhomes enjoy easy access to abundant nearby retail, restaurants and employment. Bath and Body Works is headquartered in the city and other employers include Amazon, Lbrands, Victoria's Secret, JCPenney, Ohio Health and Mount Carmel East Hospital. Reynoldsburg is located in the Columbus MSA, one of the fastest-growing metros in the nation with unprecedented population, GDP and job growth.

360 UNIT PORTFOLIO: $99K/UNIT & 5% T-3 CAP RATE

Aurora can be purchased individually, or as part of a three property, 360-unit portfolio. The Portfolio Pricing Guidance of $35.5M represents an average price per unit of just under $99k per unit and a blended 5.0% Trailing 3 Cap Rate.

   
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Aurora Townhomes
82 Units
6864 Gemstar Road
Reynoldsburg, OH  43068
Type: Conventional
Closed: 8/23/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 176-unit Magnolia Terrace apartment community located in Montgomery, AL. The asset is located in the sought-after East Montgomery submarket, near upscale retail with easy access to downtown via Atlanta Hwy (52K+ VPD). The metro benefits from a strong manufacturing economy, highlighted by recent capital investments by Hyundai ($410M, 1.2K jobs), AL Port State Authority ($340M, 2.6K jobs), Amazon ($100M, 500 jobs), and Bella+Canvas (550 jobs). Built in 1986, Magnolia Terrace offers an outstanding opportunity to invest in an uptrending, cash-flowing asset with proven value-add ($100-$150).
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Magnolia Terrace
176 Units
155 Sylvester Drive
Montgomery, AL  36117
Type: Conventional
Closed: 8/23/2022

The Carew Tower Complex is one of the most iconic buildings in all of the Midwest and offers an investor the opportunity to complete a truly unique redevelopment of this mixed use project

For more information please contact Don Murphy at don.murphy@cushwake.com
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Carew Tower
   
441 Vine Street
Cincinnati, OH  45202
Closed: 8/18/2022
Property is Located in a Designated Opportunity Zone With Tax Benefits

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 288-unit Kabana Flats multifamily community located in Daytona Beach, Florida.

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Kabana Flats
288 Units
875 Derbyshire Road
Daytona Beach, FL  32117
Closed: 8/18/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Holston, a 238-unit apartment community located in Weaverville, North Carolina, a rapidly expanding suburb of Asheville. This asset boasts incredible connectivity to the Asheville MSA via I-26 and US 25/US 70 while maintaining the benefits of suburban living and picturesque mountain views.Featuring market leading interior finishes and a thoughtfully curated amenity set, The Holston represents the premier suburban apartment community in North Carolina’s fastest growing leisure market. The Holston is poised to continue an already impressive leasing performance driven by the upcoming slow down of new deliveries and a well-established renter pool with discretionary income that can support significant future rent growth. Built in 2022, The Holston offers an exceptional opportunity to acquire Asheville’s premier suburban apartment community that has proven leasing momentum and unrealized, organic upside through 17.9% rent growth projected in 2022.
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The Holston
238 Units
105 Holston View Drive
Weaverville, NC  28787
Type: Conventional
Closed: 8/18/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 380-unit South Carolina Value-Add Portfolio located in two of South Carolina’s most admired cities, Columbia and Spartanburg. Both assets are situated in South Carolina’s most robust and diverse markets with major employment centers and multifamily fundamentals that will support both assets for the long haul. Both the East Columbia and East Spartanburg submarkets are characterized by impressive rent growth, 15% and 20% respectively, dominant white-collar workforces, and majority renter occupied populations. Arbors at Windsor Lake and Cross Creek are both set to benefit from their strong micro locations with qualities such as impressive area demographics and seamless connectivity to economic drivers. Built in 1991/1981, the portfolio offers an outstanding opportunity to gain immediate scale and infrastructure in high growth southeastern markets with strong value-add opportunities to command average premiums of $255.
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South Carolina Value-Add Portfolio (2 properties, 380 units)
Cross Creek
152 Units
345 Bryant Road
Spartanburg, SC  29303
Type: Conventional
Closed: 8/17/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 69-unit Garden Creek apartment community located in Boerne, Kendall County, Texas. This asset is situated in the rapidly-expanding Hill Country community of Boerne, a town located within the San Antonio MSA that is recognized as one of the Hill Country's best places to live. Built in 2022, Garden Creek represents an outstanding opportunity to invest in a brand new asset positioned within one of the fastest-growing counties in the nation which gives residents access to both urban and natural amenities, strong schools, and a host of employment centers.
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Garden Creek
69 Units
110 Bluebonnet Circle
Boerne, TX  78006
Type: Conventional
Closed: 8/17/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Pavilion I & II a 142-unit apartment community located in Hanceville, AL. This asset lies just south of the city of Cullman and is the only multifamily asset within walking distance of Wallace State CC (7,000+ students). Cullman has been consistently been highly ranked with regards to business expansion/retention, quality of life, and education. Built in 1994 / 2000, Pavilion I & II offers an outstanding opportunity to invest in a high-growth asset within a limited supply market.
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The Pavilion I & II
142 Units
401 College Drive NE
Hanceville, AL  35077
Closed: 8/17/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 175-unit 4371 Glenwood apartment community located in Southeast metro Atlanta, DeKalb County, Georgia. This 1967-built asset is situated in the thriving Decatur area, recently ranked as one of the best places to live in Georgia by Niche.com. With a recent $1.9M capital infusion and 78% classic units, 4371 Glenwood comes to market as a turnkey value-add community in the top-performing South DeKalb multifamily submarket.
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4371 Glenwood
175 Units
4371 Glenwood Road
Decatur, GA  30032
Closed: 8/16/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 174-unit Arbor Terrace & Guest House portfolio located in Rome, Floyd County, Georgia. This portfolio is strategically-located amidst Rome’s most prominent employment drivers (education, healthcare, and manufacturing). Arbor Terrace & Guest House are quality built assets with significant room for revenue growth. Built in 1974 & 1989, this portfolio offers an outstanding opportunity to invest insignificant value-add portfolio that has a 50+ year ownership history. The portfolio presents the opportunity to invest in a thriving economy just 50 miles outside of Atlanta.
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Arbor Terrace & Guest House
174 Units
48-50 Chateau Drive
Rome, GA  30161
Closed: 8/16/2022

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the Archer Road Portfolio, a 582-unit, five-property portfolio, located in Gainesville, Florida.

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The Archer Road Value-Add Portfolio (5 properties, 582 units)
The Commons
99 Units
2001 SW 16th Street
Gainesville, FL  32608
Closed: 8/16/2022

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the Archer Road Portfolio, a 582-unit, five-property portfolio, located in Gainesville, Florida.

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The Archer Road Value-Add Portfolio (5 properties, 582 units)
The Lofts
74 Units
3020 SW Archer Road
Gainesville, FL  32608
Closed: 8/16/2022

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the Archer Road Portfolio, a 582-unit, five-property portfolio, located in Gainesville, Florida.

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The Archer Road Value-Add Portfolio (5 properties, 582 units)
The Park
99 Units
3643 SW 20th Avenue
Gainesville, FL  32608
Closed: 8/16/2022

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the Archer Road Portfolio, a 582-unit, five-property portfolio, located in Gainesville, Florida.

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The Archer Road Value-Add Portfolio (5 properties, 582 units)
The Point
140 Units
3100 SW 35th Place
Gainesville, FL  32608
Closed: 8/16/2022

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the Archer Road Portfolio, a 582-unit, five-property portfolio, located in Gainesville, Florida.

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The Archer Road Value-Add Portfolio (5 properties, 582 units)
The Trails
170 Units
3230 SW Archer Road
Gainesville, FL  32608
Closed: 8/16/2022
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Sunrise
22 Units
880 Conrad Court
Placerville, CA  95667
Type: Conventional
Closed: 8/12/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Pointe at Irving Park, a 198-unit apartment community located in Greensboro, NC. This asset is in an extremely desirable and rapidly growing pocket of the Greensboro market, where affluent demographics, rising home values, and proximity to the area’s best employment centers contribute to this submarket’s appeal. Last year, area asking rents grew an astonishing 20.4% and are not expected to slow in the near term. Household income in a half-mile radius averaged $118K and home values averaged $313K, illustrating the strong economy and solid renter base that characterizes this area. The surrounding thoroughfares Pisgah Church Rd, North Elm Rd, and Cone Blvd allow residents of The Point at Irving Park to easily access the plethora of nearby retail options. Furthermore, the I-840 Urban loop is located just 1 mile away from the property and provides connectivity to the Triad region’s largest employers. Toyota, Publix, Cone Health, Amazon, and Guerrilla RF INC have made plans to expand to the area, fueling the recent economic expansion the Triad is currently experiencing. Built in 1987, The Pointe at Irving Park offers an outstanding opportunity to acquire an institutionally owned asset and inherit a proven, multifaceted value-add program to achieve a 38% ROI.
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The Pointe at Irving Park
198 Units
3100 North Elm Street
Greensboro, NC  27408
Type: Conventional
Closed: 8/12/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 368-unit 1500 Oak apartment community located in northeast suburban Atlanta, DeKalb County, Georgia. Immersed in an active commercial, distribution, and medical district, the asset is just south of US-78/Stone Mountain Freeway, 1 mile east of I-285, and less than 6 miles from the prolific Emory 'Eds & Meds' district. Historically, DeKalb County has seen tremendous rent growth due to a limited development pipeline and high workforce demand. A new owner can implement a Value-Add 2.0 to create significant upside. Built in 1973 and renovated in 2012, 1500 Oak is an outstanding opportunity to invest in a strong performing asset in a high-demand multifamily market.
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1500 Oak
368 Units
1500 Post Oak Drive
Clarkston, GA  30021
Type: Conventional
Closed: 8/10/2022

HIGH 5.4% CAP RATE WITH UPSIDE

20 East represents the rare opportunity to purchase a property at a 5.5% cap T- 3 Cap Rate on pricing guidance of $13.5M. Half of units have been upgraded (but current owner is not charging premiums) leaving additional value add potential through continued unit upgrades and organic rent growth.

98%+ OCCUPANCY & UNDER MARKET RENT

With a multiyear history of 95%+ occupancy, 20 East has demonstrated incredibly high renter demand. Current rental rates trail the surround comparable properties by more than 20%.

HOUSING UNDER SUPPLY & 1.6% UNEMPLOYMENT

The city of Elkhart has a substantial undersupply of housing. Employment has grown substantially, to an unemployment rate of 1.6% - the lowest in the country, outpacing new housing. A study recent study oncluded that there is a nearly 5,000-unit housing deficit in the city of Elkhart.

WELL MAINTAINED & SINGLE STORY PRODUCT

The entire property is single story and all of the units have a private entry and washer/dryer hookups. 20 East has benefitted from major capital expenditures in the last few years, leaving the new ownership to focus on property upgrades that will increase revenue.

360 UNIT PORTFOLIO: $99K/UNIT & 5% T-3 CAP RATE

20 East can be purchased individually, or as part of a three property, 360-unit portfolio. The Portfolio Pricing Guidance of $35.5M represents an average price per unit of just under $99k per unit and a blended 5.0% Trailing 3 Cap Rate.

   
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20 East
156 Units
2125 Toledo Road
Elkhart, IN  46516
Closed: 8/9/2022

ADJACENT TO HIGH GROWTH SUBURB

Northwoods is located immediately west of popular Indy, suburb of Avon. Ranked by Money Magazine as one of the nation’s best places to live, Avon provides all the advantages of Indy with exceptional access to vast employment and extensive recreational opportunities.

100% OCCUPANCY AND UNDER MARKET RENTS

With current occupancy of 100% and a multiyear history of 98%+ occupancy, Northwood has demonstrated incredibly high renter demand. Current rental rates trail the surrounding comparable properties by more than 20%.

RAISE REVENUE IMMEDIATELY

In addition to organic rent growth, a new owner can increase utility bill-back recovery which is currently only at 65%. With a modest rent increase and 85% Water / Sewer recovery annual income will increase by more than $130,000.

PREVIOUSLY RENOVATED

In 2012, Northwoods received a comprehensive renovation including a property gate, new windows, 100% interior unit renovations (new cabinets, stainless steel appliances, flooring, lighting and more) and exterior enchantments.

360 UNIT PORTFOLIO: $99K/UNIT & 5% T-3 CAP RATE

Northwoods can be purchased individually, or as part of a three property, 360-unit portfolio. The Portfolio Pricing Guidance of $35.5M represents an average price per unit of just under $99k per unit and a blended 5.0% Trailing 3 Cap Rate.

   
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Northwoods
122 Units
816 Winding Brook E. Drive
Indianapolis, IN  46234
Closed: 8/9/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Preserve at Columbus Park, a 300-unit, 2012-built apartment community located in the highly desirable location of North Columbus. Completed in 2012, The Preserve at Columbus Park represents the unique opportunity to acquire a newer-build, stabilized, quality product with exceptional value-add potential. This community is located in the North Columbus submarket, home to many of the region’s largest employers including TSYS, Aflac national headquarters, Piedmont Hospital & Columbus’ single, largest retail destination. The location boasts top-rated schools, excellent demographics, and claim to the city’s most sought-after residential address.
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The Preserve at Columbus Park
300 Units
5462 Whittlesey Blvd.
Columbus, GA  31909
Type: Conventional
Closed: 8/8/2022