The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Fidelis Grand Central, 317-units located within a Johnson Master-Planned Community in Conroe, Texas. Situated at the heart of the rapidly-expanding northern corridor of the Houston MSA, and only minutes away from I-45, residents enjoy outstanding access to over 180,000 jobs in the immediate area, as well as an abundance of lifestyle amenities. Built in 2022, Fidelis Grant Central represents an outstanding opportunity to invest in a newly built asset in an impressive submarket, primed to benefit from immediate income growth through a mark-to-market strategy.
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Fidelis Grand Central
317 Units
171 Town Park
Conroe, TX  77304
Closed: 10/27/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Spanish Mission, the 150-unit apartment community located in Valdosta, Lowndes County, Georgia . This asset is located in the thriving and desirable North Valdosta submarket, bolstered by population growth, high income households and home prices, and ease of access to major employers (South Georgia Medical, Valdosta State University, and Moody's Air Force Base) along with top retail. Built in 1973, Spanish Mission offers an outstanding opportunity to invest in a well-maintained property with $1.5M+ spent on interior and exterior capital expenditures in a growing Valdosta economy.
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Spanish Mission
150 Units
422 Connell Road
Valdosta, GA  31602
Type:  Multifamily
Closed: 10/26/2023

STRONG PERFORMING | <$140K/UNIT | 6.2% T-3 CAP RATE

Lush landscaping, expansive lakes with fountains, extensive amenities and popular unit layouts attract residents to Astoria Park. The physical occupancy has averaged 94%+ over the last few years and delinquency is very low. The asset is offered at less than $140K per unit with a very attractive 6.2% trailing cap rate.

WELL-MAINTAINED: $12M+ SPENT ON IMPROVEMENTS

More than $12 million has been spent improving the property since 2011. Updated items include 20 roof replacements since 2019, a clubhouse relocation with new fitness center, new outdoor amenities, updated unit interiors, painting, gutters and downspouts, signage, and lighting, in addition to numerous other improvements.

PROVEN RENT PREMIUMS & RESIDUAL YIELD

A $181 average rent premium is being achieved on the 168 units upgraded by the current owner. A full upgrade could be completed on the remaining 302 classic units to match the current upgrades, and more community amenities could be added. Additional yield could be obtained with the suggested enhancements.

HIGH TRAFFIC LOCATION ADJACENT TO EAGLE CREEK

Located directly on a major thoroughfare, Astoria Park benefits from its visibility to nearly 45,000 vehicles per day along 38th Street. Immediately west of the property is Eagle Creek Park and Reservoir, a very popular landmark for nature lovers, with more than 1 million visitors annually.

CENTRAL TO SIGNIFICANT EMPLOYMENT

Ideally located on Indy’s west side, Astoria Park is adjacent to fast-growing and high-income Hendricks County, and proximate to significant high-wage employers. Indy’s logistics hub (98M SF of facilities), northwest side and downtown employment corridors can be accessed quickly from the property.

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Astoria Park
470 Units
3640 Beluga Lane
Indianapolis, IN  46214
Closed: 10/24/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to offer the exclusive listing of Alexan Summerhill, an expertly designed multifamily community situated in the heart of the thriving Summerhill master development plan. Alexan Summerhill boasts direct access to some of Atlanta’s most desirable adaptive reuse retail spaces on Georgia Avenue, as well as the Publix delivering in Summer 2023, the submarket’s first grocery store. Summerhill has experienced rapid growth with home values increasing by 114% since 2017 and household incomes increasing by 40% since 2010. Alexan Summerhill’s unbeatable location, combined with the exceptional product quality by renowned national developer, Trammell Crow Residential, make it a highly sustainable asset. Summerhill’s ongoing evolution, including the expansion of Memorial Drive, Downtown’s high-rise rental pressure, and momentum of the Southside BeltLine, set the stage for Alexan Summerhill’s prosperity. Furthermore, the property benefits from limited direct supply and the new “Summerhill Station”, which will feature a 50K SF Publix as part of the $1B+ master development plan with 1M+ SF of office space spanning 83-acres.
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Alexan Summerhill
315 Units
720 Hank Aaron Drive SE
Atlanta, GA  30315
Type:  Multifamily
Closed: 10/19/2023
Cushman & Wakefield is pleased to present for sale, English Street Apartments (the “Property”), a 34-unit value-add multifamily opportunity in the Dayton’s Bluff neighborhood of St. Paul, Minnesota’s state capital.

The Property is centrally located off Interstate 94 on the east side of the Mississippi River in the southeast part of the city just minutes from Downtown St. Paul. The Property has access to major freeways, plenty of shops, restaurants, parks, and local businesses nearby as well as major employment centers in both Downtown St. Paul and Downtown Minneapolis.

English Street Apartments have been well-maintained, can be acquired at a significant discount to replacement cost, and offer an investor the opportunity to implement a value-add program. In addition, future ownership has the option to enter the 4d Affordable Housing Incentive Program which offers rental owners one-time administrative grant assistance as well as 10-year qualification to the “4d” property tax classification for rental units preserved for low/moderate-income households for that same period. This 4d, or “low income rental” classification (“LIRC”) provides for up to a 40% reduction in those 4d units’ assessed rate assessed to the portion of units committed to 4d preservation.

For loan quotes, contact a Greystone Team Member:

Kyle Jemtrud
Managing Director | Greystone
561.601.4500
kyle.jemtrud@greyco.com

Wilson Molitor
Relationship Manager | Greystone
920.740.4434
wilson.molitor@greyco.com

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English Street Apartments
34 Units
458 English Street
St. Paul, MN  55106
Type:  Multifamily
Closed: 10/12/2023

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 203-unit Cortland Mooresville apartment community located in Mooresville, North Carolina, a highly sought-after suburb of Charlotte located along Lake Norman. Mooresville is characterized by a high quality of life, blue-chip demographics ($140K Avg HHI), and Charlotte’s best schools. The tranquil location is highly accessible to top employers via I-77, including Lowes Corporate HQ (6,000 jobs) and Lake Norman Regional Hospital (900 jobs) within 10 minutes, as well as CBD Charlotte (130,000 jobs) within 30 minutes. Walkability to an array of high-quality retail including Harris Teeter, Starbucks, and a local brewery combined with proximity to Lake Norman further highlight the location’s desirability.

Built in 2017, Cortland Mooresville represents the opportunity to invest in a highly amenitized, core plus asset with recent leases achieving 10% growth over average in place rents, and a clear $300 rent runway to newly delivered assets in the submarket.

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Cortland Mooresville
203 Units
151 Capital Avenue
Mooresville, NC  28117
Type:  Multifamily
Closed: 10/11/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 32-unit Commodore apartment community located in McDonough, Henry County, Georgia. This asset is situated in rapidly expanding southeast suburban Atlanta proximate to the I-75 industrial corridor. Built in 1970, Commodore comes to market with recent capital improvements, and offers an outstanding opportunity to invest in a promising submarket with robust rent growth and a growing population.
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Commodore
32 Units
13 Brannan Street
McDonough, GA  30253
Closed: 10/10/2023

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 640-unit Seven Lakes at Carrollwood multifamily community located in Tampa, Florida.

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Seven Lakes at Carrollwood
640 Units
3303 N. Lakeview Drive
Tampa, FL  33618
Closed: 10/10/2023
Cushman & Wakefield is pleased to present for sale, 2424 4th Street NE, a 12-unit multifamily property located in the trendy Northeast Minneapolis Neighborhood.

The property offers direct access to an eclectic mix of hip bars and eateries, breweries, and coffee shops as well as recreational amenities at the Mississippi riverfront and Boom Island with close proximity to Target Field, Target Center, U.S. Bank Stadium, the Theater District, and the Central Business District.

Current ownership has completed extensive renovations of both exterior and interior elements over the last several years. All units are “best-in-class” and feature new cabinets, granite countertops, subway tile backsplash, LVT flooring as well as full bathroom remodels that include new tubs, tile, vanity, toilets, and lighting.

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2424 4th Street NE
12 Units
2424 4th Street NE
Minneapolis, MN  55418
Type:  Multifamily
Closed: 10/9/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 157-unit, 482-bed, CEV Upstate student housing apartment community located in Spartanburg, SC. Situated along the commerce-rich Interstate 85 corridor, Spartanburg is the east anchor of the prolific Upstate region, globally recognized for its massive BMW plant (11,000 employed) and burgeoning high-tech economy. Since the start of 2021, Spartanburg County has announced over $4B in capital investments, resulting in 6,000 new jobs for the area. The off-campus housing complex lies directly next to the University of South Carolina Upstate in an area of East Spartanburg that supports over 70k jobs within a 20-minute drive, impressive projected rent growth of 19% through 2028, skyrocketing home values, and a strong white-collar workforce (50%). Built in 2008, CEV Upstate arrives to market with a top-notch amenity package and ideally positioned for a Class-A value-add campaign to bridge the gap between submarket competitors and command average premiums of $90+/bed ($270/unit).
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CEV Upstate
157 Units | 482 Beds
101 Campus Suites Drive
Spartanburg, SC  29303
Closed: 10/5/2023
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.
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Northeast Atlanta Value-Add 3 Portfolio (3 properties, 280 units)
Northern Pines
48 Units
774 Northern Avenue
Clarkston, GA  30021
Closed: 10/5/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is excited to present the exclusive listing of Alta Bridges, a brand new 250-unit multifamily asset ideally positioned in Atlanta’s dynamic I-75 South Corridor. The asset’s strategic location provides access to many of Atlanta’s top job nodes and is set to directly benefit from the growth of the I-75 South Corridor. The immediate area has seen 8.6M SF of industrial space delivered in the past 2 years and 5.1M SF of industrial space is currently under construction or planned, bringing a large influx of quality jobs to the area. This institutional quality asset features a thoughtful site plan, high quality features, unmatched amenities, and rare direct access to the historic downtown McDonough. Alta Bridges has proven significant demand by signing 20+ leases per month while offering zero concessions.
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Alta Bridges
250 Units
205 Bridges Road
McDonough, GA  30253
Type:  Multifamily
Closed: 9/29/2023

5.2% T-3 CAP RATE + DEMONSTRATED HIGH DEMAND

Legacy Park is offered at an attractive 5.2% T-3 Cap Rate, 5.8% Year One Cap Rate (without renovations) and a 6.2% Post Reno Forecast Cap Rate (including the cost of upgrades). The demand to live here is evidenced by consistently high occupancy—95%+ since 2022, and low bad debt. The average market rent has jumped 29.5% from April '21 to May '23.

PARTIALLY RENOVATED WITH REMAINING UPSIDE

The current owner has added amenities and partially upgraded all units. Enhancing the unit interiors further and adding more amenities could command an average rent premium of $270. With the proposed rent premiums post renovation, rents will still be under The Arbuckle and Union Green (newer, nearby competing properties). The recently implemented mandatory internet fee will also provide $100K in additional annual revenue.

SUBURBAN ASSET WITH SUPERIOR FEATURES

Legacy Park is tucked away on a low density site with lush landscaping, plenty of green space and great curb appeal. Interiors are well-appointed with 9' ceilings, washer/dryer, granite counters, wine rack and ample closet space. Select units have a fireplace, built-in desk and direct access garage. Adding to the current popular amenities and renovating units will only add to the appeal of Legacy Park.

RAPID GROWTH + HIGH RANKED BROWNSBURG

Legacy Park takes advantage of its stellar location with 63% population growth and an average household income of $133K+ (one-mile radius). Brownsburg continually ranks nationally among the best places to live and is among Indiana's fastest-growing, high-end counties (Hendricks). Residents benefit from close proximity to healthcare, logistics and advanced manufacturing employers.

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Legacy Park
250 Units
6905 Legacy Park Drive
Brownsburg, IN  46112
Type:  Multifamily
Closed: 9/29/2023
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.
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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.
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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.
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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.
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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.
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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.

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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.
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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.

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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.
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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
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Hampton Plaza
202 Units
302 East Joppa Road
Towson, MD  21286
Type:  Multifamily
Closed: 9/14/2023