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

1 FORMER INCOME RESTRICTED PROPERTY In February of 2021, Pine Glen was released from the Low Income Housing Tax Credit program which restricted the income level of 71% of the units. The new owner can immediately increase rents for new residents (with no restrictions) and can also raise rents for existing income restricted residents at lease renewal between $100 and $300 (varying by floorplan). The property also benefits from a long term Project Based HAP contract in which 39 units receive guaranteed income and are leased to Veterans. This Project Based HAP Contract runs through 2031.

2 VALUE-ADD OPPORTUNITY While well maintained, Pine Glen provides a clear path to complete unit upgrades and achieve rent premiums. With the installation of new LVT flooring, black appliances, laminate countertops, cabinet hardware, and upgraded plumbing and light fixtures, rent can be raised an average $150 per month..

3 GUT REHAB COMPLETED IN 2005 Pine Glen received a MAJOR multi-million dollar renovation in 2005 and provides a look and feel of a property built in the 2000’s. In 2005, all windows, patio doors and roofs were replaced. 100% of the units received new kitchen and bathroom cabinets and countertops, new appliances, flooring, plumbing fixtures and light fixtures..

4 STRONG SOUTHSIDE SUBMARKET The far southside of Indianapolis boasts a very strong rental market with 95% occupancy and achieved an impressive 5.0% rent growth in 2020,, and an average rent of $880..

5 CLOSE PROXIMITY TO STRONG EMPLOYMENT Pine Glen is a 10 minute drive to Downtown Indianapolis with all of the city’s largest employers. University of Indianapolis, which employs more than 600 faculty, is a 5 minute drive from the property..

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Pine Glen
175 Units
4253 Burkhart Drive
Indianapolis, IN  46227
Type: Conventional
Closed: 7/28/2021
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of the 294-unit Shadow Ridge apartment community located in Riverdale, Clayton County, GA. This asset is situated in the in-fill Clayton County apartment submarket, characterized by limited new deliveries and strong organic rent growth of 50%+ since 2010. Additionally, Clayton County is currently ranked in the Top-10 in the nation for multifamily rent growth. The area’s performance is propelled by a surge in jobs and industrial growth, making the area a prominent manufacturing and logistics hub. With demand for upgraded interiors evident at the subject property and in the submarket, Shadow Ridge is an excellent value-add investment opportunity.
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Shadow Ridge
294 Units
950 Lake Ridge Parkway
Riverdale, GA  30296
Closed: 7/28/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is excited to present the exclusive listing of The Meridian at Redwine apartments in southwest metro Atlanta, Georgia. Completed in 2016 just west of I-285, the property is advantageously positioned eight minutes from Hartsfield-Jackson International Airport, the Southeast’s largest employment center (63.3K+ jobs), and the surrounding Aerotropolis Atlanta economic base, which has remained impressively resilient during the past year. In addition to its strategic connectivity, the property’s demand drivers include 1M+ SF in adjacent big-box retail developments and 200M+ SF in the enveloping industrial/distribution submarkets. Bolstered by a relative lack of multifamily supply, The Meridian at Redwine’s valuable market position ensures its continued investment appreciation.
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The Meridian at Redwine
258 Units
3755 Redwine Road
Atlanta, GA  30344
Type: Conventional
Closed: 7/28/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Moderne at Providence, a 300-unit, 2017-built apartment community located in the flourishing Providence District of Northwest Huntsville. Huntsville, arguably one of the hottest economic metros in the U.S., has added 12K+ jobs & $5B of capital investments since 2018. The area has experienced 9.7% annualized apartment rent growth in Q1 2020 following 6.2% in 2018 and 7.9% in 2019. The subject sits just north of Cummings Research Park within the Providence District, a high-end neighborhood centered around boutique retail, townhomes, and office space. Delivered in August 2017, The Moderne at Providence is a Class A asset primed for a targeted interior value add campaign which is projected to yield substantial rent premiums. The asset arrives to market with stellar historical performance and embedded organic rent growth. The subject’s quality construction, retail walkability, and connectivity to massive job cores will position future ownership to achieve profitable upward momentum.
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The Moderne at Providence
300 Units
30 Gates Mill Street NW
Huntsville, AL  35806
Type: Conventional
Closed: 7/27/2021
The Cushman & Wakefield Student Housing Capital Markets Team, in conjunction with the Gulf States Multifamily Team, is pleased to present the exclusive listing of The Alden, a 176-unit, 528-bed, student housing community located in Birmingham, Alabama. This 2001 purpose-built asset is located near the University of Alabama at Birmingham as well as Samford University.
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The Alden
176 Units | 528 Beds
500 Palisades Drive
Birmingham, AL  35209
Type: Student
Closed: 7/22/2021
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 Atlantic Sweetwater apartment community located in Lawrenceville, Gwinnett County, Georgia. This 200-unit asset is situated in the heart of northeast Atlanta’s Golden Corridor in the state’s second largest county, known for its unmatched story of blockbuster growth and prosperity spanning three decades. Eight transformational development projects are underway in Gwinnett, outlining a future of continued population and employment expansion. Built in 1986, The Atlantic Sweetwater represents an outstanding opportunity to invest in one of Atlanta’s highest growth locations, and build upon proven in-place value-add initiatives.
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The Atlantic Sweetwater
200 Units
3525 Club Drive
Lawrenceville, GA  30044
Type: Conventional
Closed: 7/21/2021

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 130-unit value-add multifamily offering, Hamlet Cove Apartments, located in Gainesville Florida.

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Hamlet Cove
132 Units
3010 SW 23rd Terrace
Gainesville, FL  32608
Type: Conventional
Closed: 7/20/2021

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 301-unit value-add multifamily offering, Heritage on the River, located in Jacksonville, Florida.

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Heritage on the River
301 Units
4375 Confederate Point
Jacksonville, FL  32210
Closed: 7/20/2021
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 Florida Multifamily Advisory Group is pleased to present the 464-unit value-add multifamily offering, Preserve at Cedar River, located in Jacksonville, Florida.

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Preserve at Cedar River
464 Units
4207 Confederate Point
Jacksonville, FL  32210
Closed: 7/20/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 1,165-unit Legacy Mississippi portfolio. This portfolio offers substantial value add upside as each asset trails its competitive set in effective rental rates. With quality physical plants in place, the next investor can initiate targeted interior upgrades to achieve rental premiums and boost exit value. Built between 1981-2007, the Legacy Mississippi portfolio presents an outstanding opportunity to immediately acquire massive scale in Mississippi with major value add upside.
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Legacy MS Portfolio (6 properties, 1,165 units)
Legacy at Ashton Bay
63 Units
12450 Three Rivers Road
Gulfport, MS  39503
Closed: 7/19/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 1,165-unit Legacy Mississippi portfolio. This portfolio offers substantial value add upside as each asset trails its competitive set in effective rental rates. With quality physical plants in place, the next investor can initiate targeted interior upgrades to achieve rental premiums and boost exit value. Built between 1981-2007, the Legacy Mississippi portfolio presents an outstanding opportunity to immediately acquire massive scale in Mississippi with major value add upside.
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Legacy MS Portfolio (6 properties, 1,165 units)
Legacy at Gulf Pointe
208 Units
710 Lindh Road
Gulfport, MS  39507
Closed: 7/19/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Lamar, a 38-unit apartment community located in Macon, Bibb County, Georgia. Built in 1920 and fully renovated in 2015 within Macon’s rapidly-expanding downtown market, this historic conversion represents the ultimate in apartment renovation and is targeted towards the high-growth medical and Mercer University submarket. The Lamar presents an outstanding opportunity to invest in a unique walkable urban-infill development with best-in-market features and amenities, which include a retail component.
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The Lamar
38 Units
562 Cherry Street
Macon, GA  31201
Closed: 7/16/2021

1. 90’S BUILT PROPERTY WITH PROVEN VALUE ADD

Built by well-respected Indy developer, JC Hart in 1990, Island Club is well maintained and partially renovated. 40% of the units are upgraded and achieve premiums up to $120/mo. A new owner can continue unit upgrades at the current level or do more extensive renovations to achieve higher premiums.

2 UNIQUE WATERFRONT SETTING

Island offers an exceptionally unique Setting on 25 acre lake - X units are lakefront and most of the units feature water views. In addition to the waterfront lifestyle, residents enjoy a comprehensive amenity package.

3 UNPARALLELED UNIT FEATURES

The unit features at Island Club are unmatched in the market. 100% of the units have washer/dryer connections, dedicated covered parking and fireplaces. Units also have abundant natural light, and most first floor units feature a unique sunken living room.

4 ACCESS TO EMPLOYERS, DOWNTOWN & AMENITIES

Located just off a major east west corridor, residents can quickly drive to nearby employment and be downtown Indy in 15 minutes.

FREE & CLEAR WITH RELIABLE CASH FLOW DAY 1

Historical occupancy at the property has averaged 95% and 2020 Rental Revenue grew by almost 6%. Island Club is offered free and clear.

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Island Club
314 Units
7938 Island Club Drive
Indianapolis, IN  46214
Type: Conventional
Closed: 7/15/2021
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 264-unit Somerset at the Crossings apartment community located in Tucker (Metro Atlanta), Gwinnett/DeKalb County, GA. This asset is situated in a stable, logistics-driven market with over 16M SF of industrial space within a three-mile radius. The strong job market and highly rated school systems has propelled local demographics. The asset offers a significant value-add opportunity. With a few renovated units receiving high premiums, new ownership has a clear path to increased income through an interior value-add play. Built in 1987, Somerset at the Crossings offers an outstanding opportunity to invest in a proven value-add asset in the flourishing Northern Southern Arc submarket.
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Somerset at the Crossings
264 Units
100 Summerwalk Parkway
Tucker, GA  30084
Type: Conventional
Closed: 7/14/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 94-unit TimberChase apartment community located in Birmingham, AL. This asset is nestled in-between Downtown Birmingham and the affluent municipalities of Homewood and Vestavia Hills with close-proximity to all employment and community amenities in the Birmingham MSA. With a quality physical plant in place, the next investor can round out the interiors and initiate light exterior upgrades to push rents by $100+. Nearby properties have proven value add success on recently renovated units. Built in 1973, TimberChase offers an outstanding opportunity to invest in a well-located, performing asset with quick access to all of Birmingham’s top employment and recreational amenity centers.
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TimberChase
94 Units
925 Beacon Parkway East
Birmingham, AL  35209
Closed: 7/14/2021
The Cushman & Wakefield Baltimore Multifamily Group is pleased to present the exclusive listing of the Historic Junker Hotel located at 20-22 E. Fayette Street in Baltimore, MD in the City’s Central Business District. The Vacant 49- Key Hotel is currently in receivership and vacant. Future ownership has the rare and immediate opportunity to reposition the Property for a variety of uses including conventional multifamily, senior housing, or medical outpatient facility. The Asset is in a Federal Opportunity Zone, and eligible for a Low-Income Housing Tax Credit (LIHTC) Conversion. The Property has received $8 Million in Capital Improvements since 2010.
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Fayette Street Assemblage
0.07 Acres
16-18 and 20-22 E. Fayette Street
Baltimore, MD  21202
Type: Land
Closed: 7/13/2021
The Cushman & Wakefield Baltimore Multifamily Advisory Group is pleased to present the exclusive listing of the former Billig Building located at 16 E. Fayette Street in Baltimore, MD in the City’s Central Business District. The Mixed-Use Property has a vibrant ground floor retail tenant, and the second and third floors are leased to the adjacent property, The Junker Hotel. Future ownership has the rare and immediate opportunity to reposition the Property for a variety of uses including conventional multifamily, mixed-use, office senior housing, or medical outpatient facility. The Asset is in a Federal Opportunity Zone, and eligible for a Low-Income Housing Tax Credit (LIHTC) Conversion.
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16-18 E. Fayette Street
   
16-18 E. Fayette Street
Baltimore, MD  21202
Type: Land
Closed: 7/12/2021

1 PROVEN VALUE-ADD OPPORTUNITY 24 Units have been upgraded with new appliances, laminate countertops, 6 panel doors, painted cabinets, light fixtures, faucets, and new hardware. Georgetown South is currently achieving up to a $75 premium on these units.

2 RECENT MAJOR CAPITAL PROJECTS COMPLETED Current Owner has completed many large capital projects including replaced all windows and patio doors in 2018, all new pool lines, plaster, copping stone and tile in 2018, minor asphalt mill and paving in 2018, and converted 10 units to Central AC.

3 CLOSE PROXIMITY TO LAFAYETTE’S LARGEST EMPLOYERS The property is located only 10 minutes away from the two largest employers in Lafayette, Caterpillar and Subaru. Also, only .5 miles away from the elementary and high school.

4 STRONG HISTORICAL RENTAL INCOME GROWTH Georgetown South has grown Net Rental Income 6.0% in the Trailing 12 months and 7.5% over the T-3. A new owner has the opportunity to take continue this momentum through continuing to raise occupancy and burn off concessions.

5 MARKET RENTS BELOW COMPETITION Current Market Rents are anywhere from $50 - $150 below current competition. A new owner can raise rents day one to bring property in line with surrounding competition.

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Georgetown South
216 Units
1855 Shoshone Dr.
Lafayette, IN  47905
Type: Conventional
Closed: 7/12/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 1,165-unit Legacy Mississippi portfolio. This portfolio offers substantial value add upside as each asset trails its competitive set in effective rental rates. With quality physical plants in place, the next investor can initiate targeted interior upgrades to achieve rental premiums and boost exit value. Built between 1981-2007, the Legacy Mississippi portfolio presents an outstanding opportunity to immediately acquire massive scale in Mississippi with major value add upside.
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Legacy MS Portfolio (6 properties, 1,165 units)
Legacy at Cypress Lakes
160 Units
1632 Grand Casino Pkwy. S. Ext.
Robinsonville, MS  38664
Type: Conventional
Closed: 7/9/2021