Sold
The Portage
62 Units
3146 Calhoun Blvd W
Minneapolis, MN  55416
Closed: 9/29/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 147-unit Castlegate Windsor Park apartment community located in Columbus, Muscogee County, Georgia. This asset is situated in the desirable North Columbus suburb, surrounded by the metro's primary retail corridor and job centers. Built in 1972 & 1980, Castlegate Windsor Park represents an outstanding opportunity for great upside through a significant value-add program. With 94% classic units, new ownership has the opportunity to boost rents $160 over strong recent leasing performance, garnering an expected 18% ROI.
...
Sold
Castlegate Windsor Park
147 Units
3700 Bridgewater Road
Columbus, GA  31909
Type:  Multifamily
Closed: 9/28/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Boracay Cove, 86 units located in Pace, FL, and Monarch Place, 137 units in Pensacola, FL. These newly constructed build-to-rent (BTR) communities are located in two high growth suburbs of the Pensacola MSA (7% annual rent growth since 2018). Each asset is within minutes of thoroughfares (I-10, I-110 & US-90) thus providing residents convenient accessibility throughout the metro. Bolstered by limited rental supply of 4BR+ units and favorable submarket fundamentals, both assets arrive to market with outstanding lease-up trends (30+ combined move ins per month). Constructed in 2023, Boracay Cove and Monarch Place offer new ownership an outstanding opportunity to acquire strategically located, high performing BTR assets in high growth emerging markets.
...
Sold
Boracay Cove & Monarch Place (2 properties, 223 units)
Monarch Place
137 Units
420 Monarch Lane
Pensacola, FL  32503
Type:  Multifamily
Closed: 9/28/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is excited to present the exclusive listing of Spoke, a 224-unit institutional multifamily asset located in Atlanta’s booming Eastside submarket. Strategically rooted in Edgewood, surrounded by game-changing development, the emergence of Atlanta’s Eastside positions Spoke for continued rent growth. The asset’s ideal location provides unmatched access to Atlanta’s Eastside BeltLine Trail and energetic Eastside nodes. Spoke presents an attractive opportunity to acquire an urban infill asset with multiple acquisition options including new debt and assumption of existing debt with enticing metrics. Furthermore, six years of remaining tax abatement provide additional boost to yield.
...
Sold
Spoke
224 Units
1450 La France Street
Atlanta, GA  30307
Closed: 9/28/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of 3237 East Apartment Homes, a 130-unit apartment community located in Greensboro, NC. This asset is situated in a desirable North Greensboro pocket, which currently ranks #1 in the market for annual effective rent growth and occupancy. Robust demographics, high barriers to entry, and exploding home value growth also contribute to the property’s strong positioning. Yanceyville Street and E. Cone Blvd allow residents to seamlessly connect to the plethora of retail, dining, and entertainment nearby. Strong economic drivers, including VF Corporation, Cone Health, and Honda Aircraft, are within minutes, while major corporate expansions including Toyota and Amazon, further confirm the positive momentum of Greensboro's economy. Built in 1988, 3237 East Apartment Homes represents an outstanding opportunity to invest in an ideal value-add program with potential to earn revenue by submetering for water/sewer, adding washers and dryers, and bringing two non-revenue units online. After completing these proposed projects, new ownership will boost NOI by $339K and achieve a 27% ROI.
...
Sold
3237 East Apartment Homes
130 Units
3237 Yanceyville Street
Greensboro, NC  27405
Type:  Multifamily
Closed: 9/26/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 280-unit Northeast Atlanta Value-Add 3 apartment portfolio, which can be acquired together or individually. Located in Clarkston, DeKalb County, Georgia, Kristopher Woods, Northern Pines, and 1000 Smith Street are situated in a thriving multifamily market in Northeast suburban Atlanta and proximate to multiple job drivers via the I-285 perimeter. Built between 1968 and 1973, this offering arrives to market displaying attractive fundamentals including steady occupancy levels, and is a portfolio punctuated with organic rent growth for continued appreciation.
...
Sold
Northeast Atlanta Value-Add 3 Portfolio (3 properties, 280 units)
1000 Smith Street Apartments
18 Units
1000 Smith Street
Clarkston, GA  30021
Closed: 9/22/2023

5.4% T-3 CAP RATE + ATTRACTIVE EXISTING DEBT

Park 33 is being offered at $33M/$176K per unit, with a 5.4% T-3 and 6.6% cap rate on year 1 forecast. The exceptional existing assumable loan has very favorable terms including a 3.08% interest rate. There is also potential for a $4.8M supplemental loan.

MINIMAL NEARBY COMPETITION

The closest competing properties for Park 33 are located in Elkhart, IN - 12 miles from Park 33. For the past four years, Park 33 has averaged 98% occupancy. According to a housing study completed for the City of Goshen, 4,500 homes are needed by 2030 just to meet the current demand.

UPSCALE 2018-BUILT ASSET

Park 33 offers features attractive exteriors and curb appeal with irrigation throughout, and attached garages (select units). Units are substantial, averaging 1,178 SF and include stainless steel appliances, full-size washer/dryer, and granite countertops. A turf dog park and patio, and fitness center with Peloton bike/subscription are just a few of the appealing amenities.

AMPLE NEARBY EMPLOYMENT

Conveniently located near north central Indiana’s largest job clusters, Park 33 benefits from excellent access to numerous diverse employers nearby, and throughout Elkhart and St. Joseph County.

...
Sold
Park 33
188 Units
1401 Park 33 Blvd
Goshen, IN  46526
Type:  Multifamily
Closed: 9/22/2023
The Sunbelt Multifamily Advisory Group of Cushman & Wakefield and Greystone are pleased to present the exclusive listing of Legend Park, 360-units in Lawton, OK. The premier property is near major thoroughfares, Lawton's largest employers, including Fort Sill (16,500 military troops and 7,000 civilian jobs), top retailers, and outdoor recreation. Built in 2010, this exceptional asset comes with attractive assumable debt in place, favorable unit mix, premium amenities, and a value-add program that can boost rents $50-100. Legend Park offers an outstanding opportunity to invest in a high performing asset with true value add potential.
...
Sold
Legend Park
360 Units
3501 E Gore Boulevard
Lawton, OK  73501
Closed: 9/21/2023

Build-To-Rent Product by Respected Builder

Avalon Bluff is a build-to-rent (BTR) community developed by Tempest Homes, a well-respected Great Lafayette-based company founded in 2002. Tempest Homes has an A+ Better Business Bureau Accreditation.

High Demand for BTR Communities

Demand for BTR communities has steadily increased as renters prefer the privacy and larger size of a home, without the burden of homeownership.

Affluent Resident Profile in High Growth Area

Avalon Bluff is primed for a high-level resident profile. Average household incomes within one mile of the community are $113K and are expected to increase by 18% over the next five years. Within a one-mile radius of the site, the population has grown by 50% since 2010.

Near Notable Medical & Education Employment

IU Health Arnett Hospital and Franciscan Health Lafayette East Hospital, among many other medical facilities, as well as Greater Lafayette's largest employer, Purdue University, are all within a 15-minute drive of Avalon Bluff.

Dynamic Greater Lafayette

The Greater Lafayette Area, a diverse community situated between Chicago and Indianapolis, is experiencing incredible growth and robust innovation. With new developments in both education, biotech, and aerospace, the area continues to be a top place to live and work.

...
Sold
Avalon Bluff
93 Units
4754 Langhorn Trail
Lafayette, IN  47909
Closed: 9/20/2023
The Cushman & Wakefield Idaho Multifamily Advisory Group is pleased to present the exclusive listing of the 74-unit Wilson Creek townhome community located in Nampa (Boise MSA), Idaho, one of the Top 5 Fastest-Growing Cities in the U.S. An influx in jobs and population plus high demand for housing resulted in ~11% average rent growth in 2022, per AxioMetrics. Residents at Wilson Creek benefit from direct access to retail and popular recreational parks adjacent to the property. Wilson Creek's large floor plans, 9' ceilings and modern features attract a high-profile resident pool. Recent leases at the property are achieving significant premiums, allowing a new investor to continue to boost rental income by signing leases at market rent. Built in 2022, Wilson Creek represents an outstanding opportunity to invest in a build-to-rent community with strong financial trends in one of the fastest-growing markets in the U.S.
...
Sold
Wilson Creek
74 Units
2631 Sunny Ridge Road
Nampa, ID  83686
Closed: 9/20/2023
For more information regarding Hampton Plaza please contact Jorge Rosa or Anthony (TJ) Liberto. The following link can be used to sign the confidentiality agreement: https://my.rcm1.com/buyer/agreement?pv=6AYsoHIAuVBS_dWVujt2boG8yEKKn8h_bXa28vno__ImPFJacPexs3QO1AMBwVqr
...
Sold
Hampton Plaza
202 Units
302 East Joppa Road
Towson, MD  21286
Type:  Multifamily
Closed: 9/14/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group and Larry G. Schedler & Associates, Inc. are pleased to present the exclusive listing of the 116-unit Highlands of Grand Pointe apartment community located in Lafayette, LA. This asset is situated in one of the most sought-after submarkets in the region with an average household income of $140K in the immediate area and over 8.1M SF of retail in just a three-mile radius. The property is minutes from the University of Louisiana-Lafayette, Lafayette General Health and other major employment centers. Built in 2008 and boasting some of the largest floorplans in Lafayette (averaging 1,345 SF), Highlands of Grand Pointe presents a prime value-add opportunity in an A+ submarket.
...
Sold
Highlands of Grand Pointe
116 Units
3601 Kaliste Saloom Road
Lafayette, LA  70508
Type:  Multifamily
Closed: 9/13/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Amalfi at Tuscan Lakes, a 328-unit, 2008-built apartment community, and Sorrento at Tuscan Lakes, a 204-unit, 2008-built apartment community, both located in the Houston MSA in League City, Texas. Amalfi and Sorrento at Tuscan Lakes offer prospective buyers an extraordinary opportunity to acquire timeless institutional product with immense value-add potential and below-market in-place debt in an established and continuously growing submarket of Houston, Texas. Momentus tailwinds including a multitude of employment centers spanning a variety of industries, an array of amenities and attractions, healthy demographics, hearty rent growth projections, and notable developments proximate to the assets will ensure that these assets continue to prosper.
...
Sold
Amalfi & Sorrento at Tuscan Lakes (2 properties, 532 units)
Amalfi at Tuscan Lakes
328 Units
1450 East League City Parkway
League City, TX  77573
Type:  Multifamily
Closed: 9/12/2023

2009 BUILT LUXURY SUBURBAN PROPERTY

Prairie Lakes is a trophy suburban community with timeless architecture featuring an eye-catching exterior, superior curb appeal, irrigation throughout, and highly attractive unit layouts that are larger than most nearby properties. Its comprehensive amenity set rivals, and is often superior to, nearby competitors.

$320+ PER UNIT RENT PREMIUM POTENTIAL

While only 12 years old, Prairie Lakes still has a modern look and feel. However, a new owner could elevate the unit finishes and add community amenities to increase rental rates and raise revenue.

HIGH DEMAND - 14.5% YOY INCOME GROWTH

Demonstrating the ability to grow rents organically, revenue at Prairie Lakes has increased 14.5% year-over-year. Over the past 12 months, the property achieved a 14.9% increase on new leases and a 6.5% increase on renewals. The property is in high demand with occupancy consistently in the mid 90’s for many years. Rent Growth at Prairie Lakes is bolstered by Indy’s job growth that has far outpaced its regional peers.

THE BEST OF BOTH FISHERS & NOBLESVILLE

Located in Noblesville and across the street from Fishers, both of which are high-end suburbs of Indianapolis, Prairie Lakes offers its residents the best of both cities. Additionally, Indianapolis, Carmel and Westfield are all within a quick drive, providing tremendous amenities, employment, retail and service opportunities to residents.

HIGHEST GROWTH & INCOME COUNTY

Prairie Lakes is located in Hamilton County, boasting the highest income and growth metrics in the entire state. Noblesville offers a highly acclaimed school district and has experienced rapid population growth of 191% since 2010.

...
Sold
Prairie Lakes
402 Units
14260 Bald Eagle Dr.
Noblesville, IN  46060
Type:  Multifamily
Closed: 9/12/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Amalfi at Tuscan Lakes, a 328-unit, 2008-built apartment community, and Sorrento at Tuscan Lakes, a 204-unit, 2008-built apartment community, both located in the Houston MSA in League City, Texas. Amalfi and Sorrento at Tuscan Lakes offer prospective buyers an extraordinary opportunity to acquire timeless institutional product with immense value-add potential and below-market in-place debt in an established and continuously growing submarket of Houston, Texas. Momentus tailwinds including a multitude of employment centers spanning a variety of industries, an array of amenities and attractions, healthy demographics, hearty rent growth projections, and notable developments proximate to the assets will ensure that these assets continue to prosper.
...
Sold
Amalfi & Sorrento at Tuscan Lakes (2 properties, 532 units)
Sorrento at Tuscan Lakes
204 Units
1455 Louisiana Avenue
League City, TX  77573
Type:  Multifamily
Closed: 9/12/2023

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 208-unit The Park at Via Teano multifamily community located in Daytona Beach, Florida.

...
Sold
The Park At Via Teano
208 Units
1440 Hancock Boulevard
Daytona Beach, FL  32114
Closed: 9/12/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Bradley Pointe, a 144-unit, 2004-built apartment community located in the Georgetown submarket of Savannah, sporting top demographics and high barriers to entry. Bradley Pointe represents an opportunity to complete the repositioning of an asset with massive unrealized potential in the Georgetown submarket. In addition to exiting LIHTC compliance, Bradley Pointe has completed light renovations on 92% of units, earning $175 premiums over the remaining classic units. By elevating the renovation plan and introducing traditional market elements to the property, new ownership can complete Bradley Pointe’s transition into a full market product and and push rents an additional $250+, as Georgetown and Savannah continue to see some of the top job growth in the nation.
...
Sold
Bradley Pointe
144 Units
1355 Bradley Boulevard
Savannah, GA  31419
Type:  Multifamily
Closed: 9/8/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Retreat at Savannah, the 112-unit apartment community located in Savannah, Chatham County, Georgia. This asset is located directly off Victory Drive which includes top-line retail and Grayson Stadium which is the home of the Savannah Bananas. Built in 1980, Retreat at Savannah represents an outstanding opportunity to invest in a proven value-add property seeing $200 rent premiums with additional $105+ premiums by completing the renovation throughout. This opportunity is bolstered by 16K+ recent job announcements in the area, including Gulfstream (1,600) and a new Hyundai EV plant (8,100), the latter of the two being the largest economic development project in Georgia history.
...
Sold
Retreat at Savannah
112 Units
2323 Downing Avenue
Savannah, GA  31404
Type:  Multifamily
Closed: 9/8/2023
Sold
Reflections at Bluestone II
44 Units
346 N. Blue Rd.
Greenfield, IN  46140
Closed: 9/6/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 120-unit Summerlin Ridge apartment community located in Winston-Salem, NC. This asset is situated in the rapidly expanding South Winston-Salem submarket, which is ranked #1 among all Triad submarkets in occupancy and quarterly rent growth as of Q1 2023. Built in 2004, Summerlin Ridge offers an outstanding opportunity to invest in a high quality asset with significant growth potential. With much of the heavy lifting done on unit renovations, incoming ownership can focus on loss-to-lease burn-off, increasing rents in line with market comparables, and capturing low-hanging-fruit other income opportunities to increase NOI by over 20%.
...
Sold
Summerlin Ridge
120 Units
2425 Summerlin Ridge Road
Winston-Salem, NC  27103
Type:  Multifamily
Closed: 8/31/2023

The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Fountainhead, a 176-unit, 1972-built apartment community located in the highly sought after far northside.

Acquisition of Fountainhead represents an opportunity for a great basis play with immediate operational upside and renovation potential.

...
Sold
Fountainhead
176 Units
8101 Laguna Drive
Indianapolis, IN  46260
Closed: 8/30/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 175-unit Vista Ridge at Lake Lanier apartment community located in Gainesville, Hall County, GA. Hall County has experienced an influx in both jobs and population in recent years due to major economic developments, while multifamily deliveries have largely stagnated. In the past 20 years, only 645 total units have been delivered within a 3-mile radius of the property, and there are zero units currently under construction. With an average unit size of 1,162 SF and 97% classic units, a new owner can attract long-term renters and achieve significant premiums through an interior value-add program. Completed in 1996, Vista Ridge at Lake Lanier offers an outstanding opportunity to invest in a prime value-add asset below replacement cost in a desirable and underserved submarket.
...
Sold
Vista Ridge at Lake Lanier
175 Units
2363 North Cliff Colony Drive
Gainesville, GA  30501
Type:  Multifamily
Closed: 8/29/2023

5.9% Trailing Cap Rate & Strong Performance

Woodbridge and Woodland Creek have continued to significantly increase rents. The average increase of new leases over the previous lease is 23% at Woodbridge and 17% at Woodland Creek. Both properties are very well maintained, highly amenitized, and have sustained high occupancy over the past few years averaging mid 90s occupancy since 2021.

Proven Upside Potential

The current owner has renovated 105 “Elite” level units with new cabinets, countertops, appliances, lighting and plumbing fixtures, and some LVP flooring. An additional 224 units received “Premiere” level upgrades consisting of new appliances, lighting and plumbing fixtures, and some LVP flooring. A new owner can continue to renovate the 587 classic units and benefit from an average premium of $270.

Economies of Scale and Diversity of Product

Woodland Creek, built in 1987, has large renovated units with in-unit laundry, while Woodbridge, built in 1981, has mostly classic units with laundry facilities in each building but no connections. Both properties offer a neighborhood feel with mature trees and shared access to various amenities.

Proximity to Amenities and Employment

Woodland Creek and Woodbridge in Kentwood, MI are close to employment, retail, and dining options, including the popular Woodland Mall, less than 2 miles away. Kentwood has a diverse economy with abundant job opportunities and is just 15 minutes from downtown Grand Rapids—the area’s employment hub—with numerous cultural and entertainment options.

The Growth of Grand Rapids

Grand Rapids’ multifamily market is robust with an 7.7% average rent growth in 2022. Over 95% historical occupancy since 2020 is driven by the thriving economy, and job growth. Grand Rapids has a relatively low cost of living, making it an affordable and attractive option for renters. The city has a bustling downtown, many restaurants, shops, and entertainment options, and several museums, art galleries, and music venues, making it a vibrant cultural hub. Numerous lakes and parks in Grand Rapids offer outdoor activities making it ideal for living.

...
Sold
Woodland Creek & Woodbridge
924 Units
3300 E Paris Ave SE
Kentwood, MI  49512
Closed: 8/29/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 136-unit Summer Place apartment community. The asset is situated in the rapidly expanding West Mobile submarket, which has experienced 14% rent growth over the past two years and 95% average occupancy. Located minutes away from Airport Blvd and Interstate-65, the asset offers residents convenient access to all of Mobile’s economic job drivers, retail amenities and recreational activities. Built in 1975, Summer Place offers new ownership an outstanding opportunity to invest in a market backed value-add asset offered at an extremely attractive basis with significant operational upside.
...
Sold
Summer Place
152 Units
557 Azalea Road
Mobile, AL  36609
Type:  Multifamily
Closed: 8/22/2023