The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 166-unit Westgrove Towers apartment community located in Raleigh, North Carolina. Westgrove Towers is a fractured condo property that is located in one of the strongest performing MSAs in the country over the past several years. Centered in the West Raleigh submarket with growing demand and limited supply, Westgrove Towers offers several unique opportunities to reduce expenses, push rents, and potentially increase density at the site. Built in 1986, the property is showing strong operational momentum and is primed for a value-add initiative that could generate an impressive 50% boost to NOI.
...
Sold
Westgrove Tower
166 Units
4700 Westgrove Street
Raleigh, NC  27606
Closed: 6/8/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group and Larry G. Schedler & Associates, Inc. are pleased to present the exclusive listing of the 336-unit Lumiere apartment community located in Metairie, East Jefferson Parish, Louisiana. This asset is situated in the highly affluent Metairie submarket, boasting upscale demographics, high household income and limited apartment deliveries due to barriers to entry. Positioned just off of I-10 N, Lumiere is surrounded by 10M SF of office space and high end retail, including Lakeside Shopping Center. With nearly all units renovated with luxury features, a new owner can upgrade the remainder units to increase rent premiums across the property. Built in 1975, Lumiere represents an outstanding opportunity to invest in a turn-key asset with remaining upside in the affluent Metairie submarket.
...
Sold
Lumiere
336 Units
3301 West Esplanade Avenue N
Metairie, LA  70002
Type:  Multifamily
Closed: 6/7/2022
Cushman & Wakefield, as exclusive advisor, is pleased to present a value-add investment opportunity to acquire the 487-unit Mosaic at Miramar Town Center, located in Miramar, Florida. The property features an appealing unit mix with 353 garden style apartment homes and 134 two-bedroom and three-bedroom townhomes. All the townhomes have 2-car direct access garages and are market-leading size of 1,442 square feet. Originally built in 2015, the property is well-positioned for a new owner to implement a renovation program in the units, as well as further enhance the expansive amenity space the property has to offer. Current ownership recently spent $1 million upgrading the interior hallways with new paint, carpet and lighting. Mosaic at Miramar Town Center is situated in 54 acre PUD featuring City Hall, the Miramar Amphitheatre, Library, 85,000 square feet of office and 150,000 square feet of retail. It is also less than five minutes from Miramar Park of Commerce which has over 5.0 million square feet of office. Its central Broward location with access to the surrounding roadways provides residents quick commutes to the major employment centers in South Florida
...
Sold
Mosaic at Miramar Town Center
487 Units
11575 City Hall Promenade
Miramar, FL  33025
Type:  Multifamily
Closed: 6/7/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 292-unit Briarhill apartment community located in north metro Atlanta, DeKalb County, GA. This asset is situated in the desirable North Druid Hills/Briarcliff submarket of northeast Atlanta with an average 17% year-over-year rent growth, according to Costar. This superior central location offers prime connectivity to Metro Atlanta's largest job centers, including Executive Park, Atlanta's new $1B+ medical district, adjacent to the property. Built in 1988, Briarhill offers an excellent opportunity to invest in a highly sought-after infill location with prime value-add potential.
...
Sold
Briarhill
292 Units
1470 Sheridan Road NE
Atlanta, GA  30324
Type:  Multifamily
Closed: 6/6/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Glen at Alexander, a 216-unit, 2003-built apartment community located in the National Hills area of Augusta, Georgia. Glen at Alexander benefits from unparalleled access to Augusta’s best retail establishments and nearby city life. Complemented with large floor plans, there is a remarkable opportunity to invest in a cash-flowing, high quality product with potential to benefit from an elevated value-add strategy in a market with excellent apartment fundamentals. Property performance has been strong as collections have increased 10% over the past twelve months. The property has maintained an occupancy north of 94% and achieving recent leases $165 higher than in-place rents paving the way for continued growth.
...
Sold
The Glen at Alexander
216 Units
1040 Alexander Drive
Augusta, GA  30909
Type:  Multifamily
Closed: 6/6/2022
Cushman & Wakefield is pleased to present for sale, MN46 Apartments, a 54-unit luxury Multifamily development in the Hiawatha neighborhood of Minneapolis. MN46 sits in an “urban oasis” with phenomenal access to Minnehaha Regional Park, biking trails, shopping in Highland Park, the Hiawatha LRT Line, award-winning restaurants, and the MSP International Airport. The property boasts high end finishes and modern design with rents that are only slightly higher than renovated Class C buildings nearby.

Completed in 2020, MN46 was a finalist for “Best Urban Neighborhood Project” by The Minnesota Real Estate Journal. The project features expansive floor-to-ceiling windows, architecturally unique floorplans, stainless steel appliances, quartz countertops, in-unit washer and dryer, and custom cabinets. In addition, the property has two retail spaces on the first floor totaling 1,791 square feet. The immediate neighborhood is an urbanite’s paradise with diverse shopping, restaurants, grocery, coffee shops, and walking/bike paths.

MN46 offers investors the opportunity to acquire a trophy-quality asset in a flourishing Minneapolis neighborhood. The building delivered strong lease-up results during the summer and fall of 2020 and additional upside exists for new ownership upon lease renewal and unit turnovers. The Hiawatha neighborhood is attracting renters from around the metro and the neighborhood’s destination status is in the early stages of ascent that will continue to reward investors with increased neighborhood activity and a higher density of amenities.
...
Sold
MN46 Apartments
54 Units
4561 Minnehaha Ave
Minneapolis, MN  55406
Type:  Multifamily
Closed: 6/3/2022
Cushman & Wakefield, Inc. is pleased to present the exclusive opportunity to acquire Amalfi (the Property), a 2002-vintage, value-add, 264-unit apartment community located in the South Strip submarket, adjacent to the highly-affluent Silverado Ranch. Las Vegas is one of the fastest growing and best performing multifamily markets in the nation (over 24% rent growth in 2021), positioning Amalfi as a limited-risk investment with superior rent growth prospects and long-term value appreciation potential.
...
Sold
Amalfi
264 Units
2750 West Wigwam Ave
Las Vegas, NV  89123
Closed: 6/2/2022
The Cushman & Wakefield Multifamily Advisory Group is pleased to present the exclusive listing of a 5.69 acre residential development site zoned for 104 units located across from a landmark town center. Liberty Center fuses luxury living, dynamic dining, best-in-class retail and engaging entertainment within an active and connected urban neighborhood.
...
Sold
Liberty Center Residential Site - West Chester
5.69 Acres
Liberty Way & Foster Lane
West Chester, OH  45069
Type:  Land
Closed: 6/2/2022
The Cushman & Wakefield Multifamily Advisory Group is pleased to present the exclusive listing of the Vesta 4 Portfolio – Four assets totaling 1,374 units, located in the desirable submarkets of Atlanta, GA and Louisville, KY. The portfolio represents an outstanding opportunity to invest in turn-key assets where significant Capex has already been invested to completely upgrade each property. Situated in major employment centers in high-growth Southeastern markets, these assets are poised for substantial growth with unparalleled access to jobs and seamless connectivity to major thoroughfares. Built between 1951-1975 and renovated in 2021, the Vesta 4 Portfolio presents an excellent opportunity to invest in four fully repositioned assets with strong recent financial trends and additional amenity improvement upside. The properties can be purchased together or individually.
...
Sold
Vesta 4 Portfolio (4 properties, 1,374 units)
Vesta Adams Park
298 Units
1991 Delowe Drive
Atlanta, GA  30311
Closed: 6/2/2022

Cushman & Wakefield, as exclusive advisor, is pleased to present City Place at Celebration Pointe, a 220-unit, class AA garden-style apartment community located within the Celebration Pointe Mixed-Use Development in Gainesville, Florida (the "Property"). Completed in 2021, and fast approaching stabilization, the Property features a unit-mix with 54.5% one-bedroom units, 40.0% two-bedroom units, and 5.5% three-bedroom units with an average unit size of 945 square feet. The Property features top-of-the-market interior finishes and boasts an extensive amenity package including a resort-style pool, state-of-the-art fitness center, firepits, grilling stations, a dog park, spacious clubhouse, Starbucks coffee bars in each building, a business center, and a social lounge with billiards table. The Property is ideally positioned west of Interstate 75 and north of Archer Road within Celebration Pointe, a 160-acre, 1.0 m.s.f.+ master planned development with over a dozen restaurants, abundant retail destinations, entertainment destinations, and a technology and office park.

...
Sold
City Place at Celebration Pointe
220 Units
4802 SW 34th Place
Gainesville, FL  32608
Closed: 6/1/2022
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present The Pointe at County Crossing (The Property), a 466 -unit townhome community with proven value-add potential in Baltimore, MD. The Pointe at County Crossing presents the opportunity to acquire immediate scale in one of the Mid-Atlantic’s highest performing apartment markets. The Baltimore market has been an outperformer with low vacancy and accelerated rent growth over the last twelve months with this trend projected to continue. The Property is perfectly positioned to take advantage of these lofty apartment fundamentals due to its dynamic Harford County location, within the high growth I-95 Industrial corridor. The Property is currently 95% occupied and has proven upside with renovated unit garnering rent increases up to $175. The opportunity exists to renovate the remaining 66% of units (307 total units) to achieve similar or increased premiums based on rents for renovated units in the immediate competitive set. The Pointe at County Crossing presents a unique opportunity to acquire a large-scale asset with proven value-add upside in Baltimore, MD, one of the Mid-Atlantic’s best multifamily markets.
...
Sold
The Pointe at County Crossing
466 Units
311 Trimble Road
Joppa, MD  21085
Type:  Multifamily
Closed: 6/1/2022

IN-PLACE YIELD & 5.5% CAP RATE

Beech Grove offers reliable cash flow with immediate yield. A new owner can simply purchase the property at a high 5.5% T-3 Cap Rate and continue to operate the property well and earn a robust return.

$3.1M+ IN CAPITAL IMPROVEMENTS COMPLETED

The current owner has completed nearly $3.2 million in capital improvements at the property. Updates included modern upgrades to 138 "Platinum" units, all new windows, 35 new sliders, 50% of roofs, landscaping, common hallways, decking, and asphalt, among other items.

REMAINING UPSIDE

The potential for significant revenue increases exists through completing the current "Platinum" unit upgrades. The remaining 14 "Original" and 28 "Gold" units could be upgraded to the "Platinum" level. Additionally, adding washer/dryer connections to the 90 units of the two-bed style could yield additional revenue.

CONVENIENT TO LOUISVILLE & OHIO RIVERFRONT

Vibrant downtown Louisville and its many shopping, dining and entertainment options and employment centers are just a fifteen minute drive from the property. Greater Louisville is a strong apartment market in terms of both rents and occupancies. Downtown Jeffersonville, at the Ohio riverfront, offers numerous amenities including the River Stage—a free concert and event center.

ATTRACTIVE BRICK EXTERIOR

The brick exteriors at Beech Grove are attractive, and are low maintenance.

...
Sold
Beech Grove
182 Units
3014 Beech Grove Court
Jeffersonville, IN  47130
Closed: 5/31/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 137-unit Bramar Gardens apartment community located in Charlotte, NC. Built in 1968, the property is poised to benefit from the area’s limited pipeline and consistent demand. Increased population, rising income, and skyrocketing home values bolster the area’s strong fundamentals, providing confidence impressive growth trends will continue. Just off I-85, the property provides residents direct access to popular retail and entertainment as well as the city’s largest employment hubs, University City and Uptown. With nearby competitors providing substantial rent headroom, Bramar Gardens offers incoming ownership the opportunity to boost annual NOI by more than $416,000 through execution of a market-supported value-add platform.
...
Sold
Bramar Gardens
137 Units
3100 Southwest Blvd
Charlotte, NC  28216
Type:  Multifamily
Closed: 5/27/2022

Cushman & Wakefield, Inc. is pleased to present the exclusive opportunity to acquire Verona, a 2007-vintage, value-add, 275-unit apartment community located in the Henderson East submarket of Las Vegas, NV.

Yardi, Axio, Real Page, and CoStar project Las Vegas to be among the top 5 major metros in the nation for rent growth over the next five years, with CoStar projecting rent growth of over 25% in the next 36 months.

Verona is nestled in Henderson East, adjacent from the highly affluent Green Valley submarket. New high-profile developments and large amounts of nearby employers have made East Henderson one of the top performing submarkets in the valley, placing Verona in an ideal location.

...
Sold
Verona
275 Units
6765 Tulip Falls Drive
Henderson, NV  89011
Closed: 5/27/2022

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 143-unit The Park at Ashley Place community located in New Port Richey, Florida.

...
Sold
The Park at Ashley Place
143 Units
4031 Vista Verde Drive
New Port Richey, FL  34655
Closed: 5/25/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 1,545-unit Gulf States 7 Portfolio spanning two different markets in Alabama and Mississippi. Comprised of 1,545 units, the Gulf States 7 Portfolio offers immediate scale throughout the Southeast, the nationwide leader in both rent and population growth. With 1,545 total units primed for value add upgrades, the next investor can add $2.5M+ to bottom-line NOI through interior value add. Built between 1972-1987, the Gulf States 7 Portfolio offers an outstanding opportunity to invest in a stabilized, cash flowing portfolio with major value add potential.
...
Sold
Gulf States 7 Portfolio (8 properties, 1,951 units)
Colony Woods
414 Units
2000 Colony Park Drive
Birmingham, AL  35243
Type:  Multifamily
Closed: 5/24/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is excited to present the exclusive listing of Elan Powers Ferry, a brand-new multifamily asset strategically located in Cumberland, Atlanta’s most desirable infill arc submarket. Elan Powers Ferry’s ideal location provides exceptional access to The Battery, Atlanta’s top entertainment district and home of the Atlanta Braves, as well as desirable outdoor lifestyle amenities. Cumberland’s infill arc is home to numerous Fortune 500 headquarters, which provides direct access to 450K+ jobs within 15 minutes, further benefiting the property’s residents. The irreplaceable location, coupled with Greystar’s renowned development reputation, position the asset for long-term sustainability, as the phenomenal lease-up and rental trends lay the track for future prosperity.
...
Sold
Elan Powers Ferry
276 Units
1945 Powers Ferry Road
Atlanta, GA  30339
Closed: 5/24/2022

90’s Built Property With Proven Upside

Built in 1990, the property has been well maintained. An upgrade has been completed on 20 units, which are achieving $120-180 rent increases. A $191 rent increase could be obtained by continuing the current renovation program on the remaining 102 units. Creating popular amenities for residents would only add to the potential upside.

Sought-After Property & Unit Features

Popular features of this all-brick property are ample green space for residents, private entries without common hallways, balcony or patio, full size washer/dryer connections, open layout, dining room, walk-in and large closets, and outside storage. All units are spacious 2 or 3 bedroom layouts averaging over 1,000 square feet.

Recent Capital Improvements & 16% Rent Growth

Numerous capital improvements have been completed and rents have increased by more than 16% year-over-year as a result. Improvements included a clubhouse/office facelift, fitness center and bark park addition, 20 fully upgraded units, replacement of 33% of HVAC units, new dumpster enclosures, etc.

Convenient Access To Vast Employment

Significant employers nearby are Emmett J. Bean Financial Center, Community Hospital North, Finish Line, Adidas Group, Amazon Distribution, Walmart Distribution, among several other employment opportunities. Access to both I-70 and I-465 is just one-half mile, and four miles from the property, providing quick access to downtown Indianapolis and all areas of the city.

Offered Free and Clear

The ability to purchase Stonybrook Commons free and clear allows new owners to take advantage of current low rates, interest-only periods and maximum leverage which all increase buyer returns.

...
Sold
Stonybrook Commons
122 Units
3036 Redskin Drive
Indianapolis, IN  46236
Type:  Multifamily
Closed: 5/23/2022
The Cushman & Wakefield Multifamily Advisory Group is pleased to present the exclusive listing of a 4.18 acre site zoned for development use located across from a landmark town center. Liberty Center fuses luxury living, dynamic dining, best-in-class retail and engaging entertainment within an active and connected urban neighborhood.
...
Sold
Liberty Center Residential Site - Liberty Township
4.18 Acres
Liberty Way
Liberty Township, OH  45069
Type:  Land
Closed: 5/20/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 36-unit Anson Apartment community located in Winston-Salem, North Carolina. The asset is strategically positioned alongside the area’s major thoroughfares that connect the MSA’s multiple, major higher-ed institutions and economic drivers. Attractive demographic trends paired with 22% home value growth and 15% rent growth over the past year has brought attention to Winston-Salem as the Triad prepares for a major economic boom. National General Insurance, and the recently announced Toyota Battery Manufacturing plant are two projects that are intended to bring over 4,000 jobs to the area once completed. With industries expanding, Winston-Salem will continue to grow as the unemployment rate dwindles and population continues to increase. Anson Apartments offers an outstanding opportunity to invest in an asset that has been newly renovated, as previous ownership has completed an impressive $1.2 million multifaceted renovation project. Incoming ownership can restructure utilities to earn an additional 4% boost to NOI.
...
Sold
Anson Apartments
36 Units
604-612 Anson Street
Winston Salem, NC  27103
Type:  Multifamily
Closed: 5/19/2022

The Cushman & Wakefield Mid-Atlantic Multifamily Advisory Group is pleased to present the exclusive listing of The Apartments at 2920 located at 2920 Saint Paul Street Baltimore, MD 21218. Positioned between East 29th and 30th Streets, The Property offers rare proximity to Johns Hopkins University. The Institution enrolls more than 24,000 students and employs approximately 25,000 workers, distinguishing itself as the largest employer in Baltimore City.

Additionally, future ownership has the option to convert this conventionally leased multifamily asset into a rent-per-bed leasing Property, catering to undergraduate, graduate students, and young professionals. The Apartments at 2920 are well-suited for a light value-add kitchen and bathroom refreshes. Suggested interior unit improvements include granite countertops, stainless steel appliances and repainting kitchen cabinets.

...
Sold
The Apartments at 2920
7 Units
2920 Saint Paul Street
Baltimore, MD  21218
Type:  Multifamily
Closed: 5/13/2022
The Cushman & Wakefield Multifamily Advisory Group is pleased to present the exclusive listing of the Vesta 4 Portfolio – Four assets totaling 1,374 units, located in the desirable submarkets of Atlanta, GA and Louisville, KY. The portfolio represents an outstanding opportunity to invest in turn-key assets where significant Capex has already been invested to completely upgrade each property. Situated in major employment centers in high-growth Southeastern markets, these assets are poised for substantial growth with unparalleled access to jobs and seamless connectivity to major thoroughfares. Built between 1951-1975 and renovated in 2021, the Vesta 4 Portfolio presents an excellent opportunity to invest in four fully repositioned assets with strong recent financial trends and additional amenity improvement upside. The properties can be purchased together or individually.
...
Sold
Vesta 4 Portfolio (4 properties, 1,374 units)
Vesta Derby Oaks
418 Units
3237 Utah Avenue
Louisville, KY  40215
Closed: 5/13/2022

The Property is being offered for sale in conjunction with our partners at Ten-X

The Cushman Wakefield Baltimore Capital Markets Group is pleased to present the exclusive listing of 8517 Loch Raven Boulevard located in Towson, MD. The First Two Floors total 4,500 square feet, while the top floor is approximately 2,000 square feet. The first and second floors are primarily medical and office suites, while the basement has a laboratory and medical device manufacturing capabilities. Prior to Maryland Orthotics and Prosthetics, the basement was subdivided into individual offices. The Property was last occupied by Maryland Prosthetics and Orthotics, and prior to their tenure, MONY Life Insurance Company of America. 8517 Loch Raven Boulevard is viable for several uses including office, medical office, and or even a dispensary. Within a 5-mile radius of the Property, the average household income is $102,221, 15 % higher than the Maryland Average, and 70% of residents in the same radius hold a greater than a high school level of education, 8% higher than the Maryland Average.

...
Sold
8517 Loch Raven Boulevard
   
8517 Loch Raven Boulevard
Towson, MD  21286
Closed: 5/12/2022

Cushman & Wakefield is pleased to present the exclusive listing of Sunset Marina, the newest waterfront Class-A rental community in the Florida Keys and the only waterfront multifamily rental in Key West. A shortage of rental supply, limited land and limitations on new residential development make the Florida Keys one of the most supply constrained markets in the U.S. Sunset Marina is ideally situated with over 950 feet of direct water frontage on Stock Island in Key West.

The property features 60 spacious townhome units that average 800 square feet. All units are two bedroom/two bathrooms. The property is 100% occupied with average market rents of $3,084 per unit. The property includes 23 market rate units and 37 workforce units. The majority (30 out of 37 units of the workforce units) allow to be rented at 140% of AMI as of today which equates to $3,206 per unit. Adjacent to the property is Sunset Marina a 165-slip marina which is not part of the offering. Out of 60 units, the 52 (87%) have direct water frontage whereas the remaining 8 units have partial water views.

...
Sold
Sunset Marina
60 Units
5555 College Road
Key West, FL  33040
Closed: 5/9/2022