The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 250-unit Legacy Value-Add Duo multifamily portfolio located in Northeast suburban Atlanta, Gwinnett County and Hall County, Georgia. Located in the I-85 ‘Golden Corridor’, both properties offer quick access to numerous large employment centers. In addition to benefitting from suburban workforce housing in submarkets with limited new multifamily supply, this portfolio offers significant value-add opportunity. Current renovated units are receiving between $100-$375 premiums, creating a clear path for new ownership to push rents though a value-add program. Built in 1985 and 2004, Legacy at Norcross and Legacy at Lanier are situated in top suburban submarkets with metro Atlanta exposure, high-demand workforce housing, limited new supply, and immense value-add upside.
...
Sold
Legacy Value-Add Duo (2 properties, 250 units)
Legacy at Norcross
100 Units
1012 Harbins Road
Norcross, GA  30093
Type:  Multifamily
Closed: 6/16/2021
The Cushman & Wakefield Mid-Atlantic Multifamily Advisory Group is pleased to present the exclusivel listing of Pembroke Pines in Hampton, VA. Management has made significant capital improvements to the Property in the past two years, including new plumbing, several interior unit renovations, and select new HVAC installations. Pembroke Pines offers investors a significant value-add opportunity with proven rental increases after kitchen and bath upgrades, while increasing operational efficiency. The property is being offered to an investor free and clear of debt, or with the option for a loan assumption. The 42-unit multifamily asset is less than four miles from Sentara Hospital, the second largest employer in Hampton Roads, with more than 20,000 employees in the region.
...
Sold
Pembroke Pines
42 Units
1625 W. Pembroke Avenue
Hampton, VA  23661
Type:  Multifamily
Closed: 6/16/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 232-unit Preserve at Woods Lake apartment community located in Greenville, SC. This asset is situated in the Central Greenville submarket which is characterized by its impressive 3-mile demographics as average HHI’s are $87k+ and projected to rise 14% through 2025, 46% of the population has a Bachelor’s Degree or higher and 67% of people work a white collar job. Built in 1997, Preserve at Woods Lake offers new ownership an opportunity to implement a value-add 2.0 campaign to align the property with features that rival Class-A product in the market and command average premiums of $129 across all unit sizes.
...
Sold
Preserve at Woods Lake
232 Units
412 Woods Lake Road
Greenville, SC  29607
Type:  Multifamily
Closed: 6/16/2021
Centra is a newly completed, LEED certified, 223-unit, Class A luxury apartment community located along the Light Rail route and steps away from the Osborn & Central Light Rail station. With frontage on Central Avenue, Centra is ideally located in the highly desirable Midtown section of Phoenix. Centra is located in the heart of one of the strongest office centers and medical hubs in the Phoenix area, and within close proximity to a variety of dining, shopping and entertainment venues, as well as the Downtown Phoenix campus of Arizona State University. Centra offers residents a mix of one and two bedroom thoughtfully designed floor plans and superior amenities and offers investors a rare opportunity to acquire a brand new Class A property in a premier Phoenix location.
...
Sold
Centra
223 Units
3601 North Central Avenue
Phoenix, AZ  85012
Type:  Multifamily
Closed: 6/15/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 45-unit, Monarch apartment community located in Durham, NC. Built in 1965, the property recently completed high-end unit turns, providing investors with a competitive asset at a discount to replacement cost. The surrounding market indicates that potential investors can take the current mid-tier renovations a step further with the opportunity to boost NOI by over 61% through implementation of an enhanced value add program. As Downtown Durham continues to revitalize its infrastructure, this quality, low maintenance asset is primed to capture the incoming workforce spillover as the city continues to attract new and expanding Tech/ Life Sciences/Healthcare employers, resulting in an affluent and educated labor pool.
...
Sold
Monarch
45 Units
1001 Ruby Street
Durham, NC  27704
Closed: 6/15/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 96-unit Retreat at the Park apartment community located in Anderson, SC. This asset is situated in the blossoming Anderson submarket which boasts the state’s best projected average effective rent growth (12%) while maintaining steady occupancy levels (96%) over the next 4 years and a limited multifamily development pipeline. Built in 1960, The Retreat at the Park offers new ownership an outstanding opportunity to invest in an asset nestled in a promising submarket with strong supporting fundamentals and potential to renovate all 96 units (100%) to realize $157 premiums over current leased rents.
...
Sold
Retreat at the Park
96 Units
170 River Oak Drive
Anderson, SC  29624
Closed: 6/15/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Enclave at Pamalee Square, a 242-unit apartment community located in Fayetteville, North Carolina. Surrounded by the region’s prominent thoroughfares residents of Enclave at Pamalee Square enjoy convenient access to prime retail and dining, as well as the largest employers in the city, including Fort Bragg. Enclave at Pamalee Square offers investors the opportunity to invest in a strong performing asset showing impressive operational momentum through 2020 and into 2021. The asset is primed for a value-add program to capitalize on market rental head room in a recession proof market that ranked #1 in annual effective rent growth in 4Q20 out of 150 ranked markets.
...
Sold
Enclave at Pamalee Square
242 Units
1014 Enclave Drive
Fayetteville, NC  28301
Type:  Multifamily
Closed: 6/14/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 102-unit Chambers Ridge apartment community located in Carrboro, NC. This asset is situated on the Jones Ferry Rd/ NC-54 interchange with immediate access to the area’s premier retailers and economic drivers - Raleigh, Durham, and Research Triangle Park. Chambers Ridge rents to a highly educated, affluent submarket with average household incomes of +$105K and 74% of renters holding a Bachelor’s Degree or higher within a 3 mile radius. With the largest supply wave already in the rear-view mirror, growing demand of Chapel Hill paired with Carrboro’s limited supply (only 94 units delivered since 1997) poises the property for consistent returns for years to come. Built in 1985, Chambers Ridge offers an outstanding opportunity to invest in a quality asset that has received over $500K in capital expenditures including high-end unit finishes primed for organic rent growth.
...
Sold
Chambers Ridge
102 Units
201 Westbrook Drive
Carrboro, NC  27510
Type:  Multifamily
Closed: 6/11/2021
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Turnpike Townhomes (the "Property"), a pristine 100-unit apartment community built in 2008 located in Danville, Virginia. The Property is well positioned within the market to take advantage of the rapid economic growth and development driven by Caesars Entertainment Group’s commitment to spend $400 million to open a premier destination resort casino in Danville. Located along the southern border of Virginia, 70 miles south of Roanoke, Virginia, and 45 miles northeast of Greensboro, North Carolina, Danville is currently experiencing an economic resurgence which has generated sustained economic growth resulting in pre-COVID unemployment levels at an 18-year record low of 4.40%. The area is a significant hub for advanced manufacturing with major employers including both national and international companies and the home of Sovah Health, a 250-bed major regional hospital that employs over a thousand professionals. The Property is owned and managed by a private individual and the opportunity exists to introduce significant efficiencies on the income side including organic rental growth and utility expense recapture to create long term value and stable cash flow for a new investor.
...
Sold
Turnpike Townhomes
100 Units
1300 Franklin Turnpike
Danville, VA  24540
Type:  Multifamily
Closed: 6/11/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is excited to present the exclusive listing of the 69-unit Rock Ridge Estates in Pensacola, FL. Rock Ridge is a 69-Unit Purpose-built Class A Build-for-Rent neighborhood, located 1.5 miles from Navy Federal Credit Union’s (NFCU) rapidly expanding campus that is ahead of schedule to employ 10,000+ by 2026. Arriving to market 100% occupied / 100% leased with excellent in-place rent growth trends, Rock Ridge is poised as a market leader in its asset class and will continue to benefit from explosive employment growth nearby. Completed in October 2020, Rock Ridge delivered the 1st top of the line BFR home community in Pensacola. With 69 individual homes featuring private, fenced yards, top-of-market interior amenities, garages, neighborhood signage and streets, Rock Ridge offers the next investor a quality BFR product with professional property management efficiencies. Given its proximity to major employers, high-quality residences and strong leasing trends, this high-demand asset offers an outstanding opportunity to acquire a unique asset in the burgeoning BFR market.
...
Sold
Rock Ridge Estates
69 Units
9907 Cali Lane
Pensacola, FL  32526
Type:  Single-family
Closed: 6/10/2021

Wellington Village Apartments built in 1974 is a 204-unit apartment community located on Indianapolis’ suburban east side. The community is situated on 13.35 acres that has 17 three-story residential buildings, a very large clubhouse and vast greenspace. The property offers an attractive unit mix of 2 and 3 bedroom garden style units. Directly off I-70 and I-465, Warren Harbor enjoys easy and convenient access to downtown Indianapolis, local restaurants and employment.

The property offers opportunities to an investor to increase revenue significantly by adding washer/dryers in each unit, upgrading units with new cabinets, black appliances, countertops, flooring, plumbing/light fixtures and enhancing the amenities..

Wellington Village is being offered free and clear .

...
Sold
Wellington Village
204 Units
1714 Wellington Avenue
Indianapolis, IN  46219
Type:  Multifamily
Closed: 6/10/2021
Freeway Visible Development Site - Great Commercial Development Opportunity. Two undeveloped parcels of land totalling +/-5.04 acres zoned General Commercial allowing flexibility on use.
...
Sold
44th Street Land @Hwy 99
5.04 Acres
44th Street @ Hwy 99
Sacramento, CA  95823
Type:  Land
Closed: 6/8/2021

1. Proven Value Add Opportunity a. Current Owner has upgraded 184 units with new black appliances, new cabinet door and hardware, new light fixtures and flooring. These upgrades achieve up to a $80 premium depending on the floorplan. A new owner has the opportunity to upgrade the remaining 57 units.

2. Excellent Northside Infill Location a. Fountain Parc is located off I-69, only minutes from Broad Ripple, Castleton, Keystone at the Crossing, and a short drive to downtown Indianapolis.

3. Recent Capital Improvements Completed a. Property has undergone $1M in capital improvements in the last 2 years including fitness center renovation, new leasing center, new signage, interior unit upgrades, and new bark park, playground, and bocce.

4. Strong Northeast Indy Submarket a. With 96% Average Occupancy of the surrounding comps and Rent Growth of 3.3% in 2020 the Northside of Indy continues to display growth and stability.

5. Offered Free & Clear a. The ability to purchase Fountain Parc free and clear allows new owners to take advantage of current all-time low rates, interest only periods and maximum leverage which all increase buyer returns

...
Sold
Fountain Parc
240 Units
4901 Whitton Place
Indianapolis, IN  46220
Closed: 6/1/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 176-unit Timberland Apartments community located in Savannah, Chatham County, Georgia. This asset is situated in the Colonial Village Submarket of Savannah. Built in 1974, Timberland Apartments represents an outstanding opportunity to invest in an asset where further renovations can potentially garner a 33% ROI after completion. Timberland Apartment’s unmatched access to Savannah’s major employers and retail, which has recently been enhanced by major infrastructure improvements, is fueling its recent population growth and rapidly rising incomes.
...
Sold
Timberland
176 Units
10612 Abercorn Extension
Savannah, GA  31419
Type:  Multifamily
Closed: 5/28/2021

Cushman & Wakefield, as exclusive marketing advisor, is pleased to present the opportunity to acquire 100% interest in Marina Del Rey, a 108-unit waterfront value-add opportunity located in Miami Beach, Florida. The property offers over 400 feet on the water with a private boardwalk providing expansive Biscayne Bay views.

None of the units have been upgraded, allowing a new owner tremendous revenue upside with a comprehensive value-add program. Nearby renovated properties are commanding rent premiums providing a future buyer with rent upside of over $350 per unit. For example, the property next door to Marina Del Rey has been renovated with one and two bedrooms rent of $1,650 and $2,300. The current market rents for one and two bedrooms at Marina Del Rey are $1,250 and $1,660 respectively, providing a clear and compelling value add strategy for a new buyer.

...
Sold
Marina Del Rey
108 Units
1006 Bay Drive
Miami Beach, FL  33141
Closed: 5/27/2021

The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of The RiverFront Lofts, a 168-unit, 2018-built apartment adaptive re-use community located in Terra Haute, IN.

Acquisition of RiverFront Lofts represents an opportunity to own a on-of-a-kind property located directly on the Wabash River. The property offers incredible and unique unit interiors and upscale amenities renters are looking for.

...
Sold
RiverFront Lofts
168 Units
1 Sycamore Street
Terre Haute, IN
Closed: 5/27/2021

1 UNTAPPED VALUE-ADD AT WELL MAINTAINED PROPERTY Beech Grove Village is currently owned by a local Indianapolis non-profit entity that has kept rents low to fulfill their charitable mission. While the property has been very well cared for and maintained, no unit upgrades nor amenity enhancements have been completed. A new owner can raise rents immediately (even prior to renovations) and then further grown income by completing interior unit upgrades and addition amenities

2 UNDER MARKET RENTS & 100% OCCUPANCY FOR 5+ YEARS With current rental rates that are more than $100 under market, the property has maintained extremely high occupancy for at least the past 5 years. The property also maintains a large waitlist. There are no vacant units available to lease for at least the next 4 months, which has been typical at the property.

3 NO PENDING EVICTIONS IN 2020 – $0 BAD DEBT The current residents at Beech Groove provide an extremely reliable income stream. There were no evictions in 2020 and there are no current evictions pending. All residents are current on their rent and the property currently has $0 in bad debt.

4 LONG-TERM TENANT BASE AND LOW TURNOVER The average tenancy length at Beech Grove Village is over 4 years. The property has experienced extremely low turnover due to great management, a desirable location and under market rents.

5 STRONG SOUTHSIDE SUBMARKET The southside of Indianapolis maintains a strong rental market at 95% occupancy and achieved 5.0% rent growth in 2020. The location allows for extremely easy access to downtown Indianapolis and popular Greenwood, both of which provide vast employment opportunities.

...
Sold
Beech Grove Village
304 Units
4651 Mimi Drive
Indianapolis, IN  46217
Closed: 5/26/2021

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 78-unit value-add multifamily offering, Sunwood Village Apartments, located in Leesburg, Florida.

...
Sold
Sunwood Village
78 Units
39 Herald Drive
Leesburg, FL  34748
Closed: 5/26/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Park at Wakefield & Wellington, 408 units located in Hoover, AL, the highly desirable suburb of Birmingham. Birmingham, Alabama is experiencing significant momentum with 2019 being a record year for job creation followed by 30,000+ new jobs added since the start of the pandemic. Hoover is ranked the 4th best place to live in Alabama (Niche, 2020), boasting a highly ranked school system, affluent demographics ($106K average HHI 2-mile radius), and heavy barriers to entry for multifamily. Delivered in 1973, the property presents a rare opportunity to invest in a cash flowing, value add asset in a highly desirable submarket.
...
Sold
The Park at Wakefield & Wellington
408 Units
861 Tyler Circle
Hoover, AL  35226
Closed: 5/26/2021
Cushman & Wakefield is pleased to present Milano Lakes, a newly stabilized luxury rental development in the affluent community of Naples, Florida. Milano Lakes offers exceptionally large and lavishly appointed apartment homes on a sprawling site with three lakes and extensive community amenities. This newly constructed, gated community lies just minutes from Interstate 75, convenient to shopping, employment and more.
...
Sold
Milano Lakes
296 Units
3713 Milano Lakes Circle
Naples, FL  34114
Closed: 5/25/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Legacy at River Run - 70 units situated in Wetumpka, AL, just north of the Alabama’s capitol city, Montgomery. Benefitting from a strong manufacturing and government-centric economy, the Montgomery metro has garnered significant capital investments, highlighted by Hyundai’s announcement to invest $410M and create an additional 1,200 jobs to build a new light truck model in Montgomery. Wetumpka is expanding rapidly as it benefits from strong schools and proximity to quality employment opportunities. Built in 1976/2001, Legacy at River Run arrives to market 96% occupied with upward income trajectory and proven organic rent growth.
...
Sold
Legacy at River Run
70 Units
35 Cherry Street
Wetumpka, AL  36092
Closed: 5/24/2021
The Cushman & Wakefield Mid-Atlantic Multifamily Advisory Group is pleased to present the exclusive listing of 10 North Charles Street in Downtown Baltimore. The Property is the former home of The Johns Hopkins Carey School of Business. Originally constructed in 1965, 10 North Charles was later renovated and repurposed in 2001 as an educational institution with the addition of a lecture hall. The Property has a distinct glass exterior and ticker tape receiving the 2001 AIA Design Award. The Property features 360° light and air and 10,000 square foot floor plates, as well as 2 Elevators. Future ownership has the rare and immediate opportunity to reposition the Property for a variety of uses including educational, office, and non-profit uses.
...
Sold
10 N. Charles Street
   
10 N. Charles Street
Baltimore, MD  21201
Type:  Land
Closed: 5/21/2021
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.
...
Sold
Legacy MS Portfolio (6 properties, 1,165 units)
Legacy at Pecan Grove
352 Units
7320 Highway 161 North
Walls, MS  38680
Closed: 5/21/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 148-unit NEXTloft apartment community located in Bluffton, SC (Hilton Head MSA). This asset is situated in a rapidly-expanding coastal community northeast of Savannah, GA with exceptional demographics of $100K+ avg. HHI within a 1-mile radius and projected growth of 10.89% by 2025. Built in 2000, NEXTloft has had over $850K capital injected into the property since 2018 and arrives to market 94.6% occupied with upward income trajectory and proven organic growth.
...
Sold
NEXTloft
148 Units
1376 Fording Island Road
Bluffton, SC  29910
Type:  Multifamily
Closed: 5/21/2021