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:  Multifamily
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:  Multifamily
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
Type:  Multifamily
Closed: 7/14/2021
The Cushman & Wakefield Mid-Atlantic 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 Mid-Atlantic 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:  Multifamily
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:  Multifamily
Closed: 7/9/2021
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 River Pointe
152 Units
11594 Old Highway 61 North
Robinsonville, MS  38664
Closed: 7/9/2021
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 Westwind
230 Units
1800 Joy Circle
Horn Lake, MS  38637
Closed: 7/9/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 133-unit Madison on Mercer apartment community located in Macon, Bibb County, Georgia. This asset is situated in the strategically-located, area of west Macon, just moments from big-box retailers like Sam’s Club, Best Buy, Kroger, The Home Depot and just north of Georgia Technical College. Built in 1979, Madison on Mercer offers an outstanding prospect to invest in a proven value-add opportunity within a thriving market.
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Madison on Mercer
133 Units
3601 Mercer University Drive
Macon, GA  31204
Closed: 7/9/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Villa Glen and Heritage Place, a 244-unit portfolio located in Birmingham, AL and Meridian, MS. Birmingham is an economic powerhouse and has experienced 34,000+ new jobs and $2.5B+ in capital investments over the past 3 years. Both assets are situated near the growing I-20/I-59 Corridor, two of the Southeast’s most travelled interstates. Built between 1968-2000, Villa Glen and Heritage Place represent an outstanding opportunity to invest in a cash-flowing portfolio with value add upside.
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Villa Glen & Heritage Place (2 properties, 244 units)
Heritage Place
128 Units
3830 Poplar Springs Dr
Meridian, MS  39305
Closed: 7/7/2021

1 FULLY RENOVATED LATE 80’S BUILT PROPERTY WITH HIGH IN PLACE YIELD

In 2018/2019, $2.6M / $10k+ per unit was invested in The Wylde. Renovations included unit upgrades, exterior painting, clubhouse and fitness center renovation, hallway upgrades, new signage, addition of washer / dryer hookups in all units and more.

2 MINUTES TO LARGE EMPLOYERS, PLENTIFUL RETAIL & AMENITIES

The Wylde is located less than one mile from some of the area’s best shopping, just 3 miles from popular Eagle Creek Park, and a quick drive to Intech Park (the premier and largest industrial park within Marion county) and 3 of the 4 of other largest logistic centers in Indy. Downtown Indianapolis also less than 10 miles from the property.

3 DESIRABLE UNIT & PROPERTY FEATURES

Situated on a wooded site with large mature trees, all units have been upgraded and offer Washer / Dryer connections, top floor units feature vaulted ceilings and select units have two sided fireplaces and lake views.

4 INCREASING REVENUE TREND AT PROPERTY & SUBMARKET

In 2020, revenue at The Wylde grew by 5.8% vs 2019 proving the property’s resilience and growth potential. The entire submarket has performed very well. The Westside of Indy had the highest rent growth of any Indy submarket in 2020 with an impressive 6.5% annual rent growth.

5 OFFERED FREE & CLEAR

The Wylde is available free and clear and allows a new owner the ability to take advantage of today’s low interest rates and desirable debt terms.

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The Wylde
256 Units
6612 Eagle Pointe Drive North
Indianapolis, IN  46254
Closed: 7/7/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Villa Glen and Heritage Place, a 244-unit portfolio located in Birmingham, AL and Meridian, MS. Birmingham is an economic powerhouse and has experienced 34,000+ new jobs and $2.5B+ in capital investments over the past 3 years. Both assets are situated near the growing I-20/I-59 Corridor, two of the Southeast’s most travelled interstates. Built between 1968-2000, Villa Glen and Heritage Place represent an outstanding opportunity to invest in a cash-flowing portfolio with value add upside.
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Villa Glen & Heritage Place (2 properties, 244 units)
Villa Glen
116 Units
900 Division Street
Bessemer, AL  35020
Closed: 7/6/2021

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 212-unit value-add multifamily offering, River Pointe Apartment Homes, located in Tampa, Florida.

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River Pointe
212 Units
8024 Hidden River Drive
Tampa, FL  33617
Closed: 7/2/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 56-unit Glenside Woods apartment community located in Greensboro, NC. This property offers investors a rare opportunity to invest in a unique, under-performing asset firmly situated in one of the fastest growing submarkets of the Triad. As submarket household incomes approach $90K+ paired with a muted delivery pipeline, the market indicates support for higher-end finishes in the surrounding areas, as Greensboro shifts its focus to target a white-collar workforce through educational attainment. New ownership will have the opportunity to boost NOI by 37% through the continuation of a proven value-add program and implementation of utility reimbursements.
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Glenside Woods
56 Units
1621 Glenside Dr
Greensboro, NC  27405
Closed: 7/1/2021

1 2002 BUILT PROPERTY WITH PROVEN VALUE ADD POTENTIAL

Current owner has completed light upgrades on 120+ units in phases I and II (The Flats – 320 units) and achieves a $60 premium. The new owner can continue with the current upgrade program and further enhance the units to achieve a higher premium of $100+.

2 2016 BUILT LUXURY PHASE PROVES DEMAND FOR HIGH END FINISHES

73 luxury townhomes, all with attached one car or two garages, were built in 2016 as Phase III and lease for 400+ more per unit than the 2002 built flat style units. The townhomes maintain high occupancy proving the demand in the area for luxury finishes.

3 COMPREHENSIVE AMENITY SET

Stone Ridge offers its residents a comprehensive amenity set that, while already in good condition, could be elevated. Amenities include a walking trail around the entire community, large pool with hot tub and adjacent covered outdoor cooking area, fitness center, bark park, basketball court, tennis court and 2 Amazon Hubs.

4 BRICK EXTERIORS & DESIRABLE UNIT FEATURES

The 2002 built phase (The Flats – 320 Units) offers a full brick exterior and desirable unit finishes including open kitchen layouts, washer/ dryer connections and private entrances. The 2016 built phase (The Townhomes – 73 Units) have attached one and two car garages, private entrance and high end luxury finishes.

5 NEAR VAST EMPLOYMENT OPPORTUNITIES

Located immediately adjacent to Ameriplex, a Class A logistics and distribution park with millions of square feet. Additional employment is plentiful near the site.

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Stone Ridge
393 Units
7111 Vedder Dr
Indianapolis, IN  46241
Type:  Multifamily
Closed: 7/1/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 206-unit Tree Top apartment community located in Raleigh, NC. This asset is situated in the rapidly-expanding North Hills area, a submarket transitioning into a new employment hub as Advanced Auto Parts leads the way with a new HQ only a mile from the property. Outstanding demographic trends paired with a 11% home value growth over the past 12 months have brought national investor recognition to the area as urban development materializes. The community is primed for a market backed, multifaceted value-add initiative targeting unit amenity enhancements and interior upgrades, with potential to increase NOI by 41%. Tree Top is a strong asset situated in a market with an advantageous rent forecast, low unemployment rate, wealthy workforce, and growing population.
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Tree Top
206 Units
1328 Steinbeck Drive
Raleigh, NC  27609
Type:  Multifamily
Closed: 7/1/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the Mobile 148 Portfolio. Mobile is the Gulf Coast’s dominant corridor for shipping & aerospace, attracting key players such as Walmart, Amazon and Airbus (4,000+ new jobs). Comprised of 148 units across 3 properties, the Mobile 148 Portfolio arrives to market with heavy capital infusion, proven value add upside, and excellent leasing trends.
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Mobile 148 Portfolio (3 properties, 148 units)
Arbor Pointe
56 Units
100 Dairy Road
Mobile, AL  36612
Closed: 6/30/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 301-unit ARIUM Emerald Isle apartment community located in Fort Walton Beach, FL. This asset is well-located with close proximity to state ranked schools, and all of Ft. Walton’s primary economic drivers. The Ft. Walton Beach market has seen tremendous growth with 6%+ Avg. YoY rent growth since 2017 providing the next investor a solid base to initiate high-yield upgrades and boost rents $100-$175+. Built between 1989-1996, ARIUM Emerald Isle offers an outstanding opportunity to invest in an asset with walkability to quality retail and commercial properties and major value add upside.
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ARIUM Emerald Isle
301 Units
214 Racetrack Road
Fort Walton Beach, FL  32547
Type:  Multifamily
Closed: 6/30/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the Mobile 148 Portfolio. Mobile is the Gulf Coast’s dominant corridor for shipping & aerospace, attracting key players such as Walmart, Amazon and Airbus (4,000+ new jobs). Comprised of 148 units across 3 properties, the Mobile 148 Portfolio arrives to market with heavy capital infusion, proven value add upside, and excellent leasing trends.
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Mobile 148 Portfolio (3 properties, 148 units)
Bird's Nest
32 Units
2901 Pleasant Valley Rd
Mobile, AL  36066
Closed: 6/30/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 120-unit Plantation apartment community located in Mobile, AL This asset is ideally situated in close proximity to two new major business developments - Amazon and Walmart (1,750+ jobs added last 3 years). Interstate 10 also offers outstanding access to the Mobile Aeroplex, home to Airbus and 2,000+ jobs. The property has averaged 97% occupancy over the last twelve months while steadily increasing total collections. Built in 1977, Plantation represents an outstanding opportunity to invest in a stable property with an excellent performance record in a well demanded market.
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Plantation
120 Units
5725 Old Pascagoula Rd
Mobile, AL  36619
Closed: 6/30/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 120-unit Summerlin Ridge apartment community. The asset is situated adjacent the region’s largest concentration of retail along Hanes Mall Boulevard and also benefits from a proximate location to I-40 as well as major local highways providing unmatched connectivity throughout the region. The South Winston-Salem Submarket continues to see impressive year-over-year rent growth. An increasingly wealthy population in the immediate 3-mile radius and lack of new deliveries create ideal conditions to support the projected 3.3% average annual rent growth through 2025. Built in 2004, Summerlin Ridge offers investors a proven, high-end value-add platform charging $240 premiums that upon completion would result in a 28% increase to NOI.
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Summerlin Ridge
120 Units
2425 Summerlin Ridge Road
Winston-Salem, NC  27103
Type:  Multifamily
Closed: 6/30/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the Mobile 148 Portfolio. Mobile is the Gulf Coast’s dominant corridor for shipping & aerospace, attracting key players such as Walmart, Amazon and Airbus (4,000+ new jobs). Comprised of 148 units across 3 properties, the Mobile 148 Portfolio arrives to market with heavy capital infusion, proven value add upside, and excellent leasing trends.
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Mobile 148 Portfolio (3 properties, 148 units)
The Retreat at Pleasant Valley
60 Units
2904 Pleasant Valley Rd
Mobile, AL  36606
Closed: 6/30/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Station at Town Madison, a 274-unit, 2020-built apartment community. The property is situated within the 563-acre Town Madison master development highlighted by Toyota Field, home to Huntsville’s new minor league baseball team. Huntsville has experienced 7.2% annualized apartment rent growth in Q1 2021, following 9.7% in 2020, and 6.0% in 2019. Delivered in March 2020, The Station at Town Madison is now 81% occupied / 88% leased with stabilization expected in April following a tremendous leasing season that averaged 29 units/month from June-Sep 2020. The property boasts unmatched amenities and finishes in the marketplace and has maintained excellent leasing velocity offering the next investor substantial value add upside by pushing 2nd generation leases
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The Station at Town Madison
274 Units
200 Town Madison Boulevard
Madison, AL  35758
Closed: 6/29/2021