The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Element at East North, the 152-unit apartment community located in flourishing Greenville, SC. This asset is situated in a sought-after pocket of Greenville characterized by its young, affluent, and educated demographic base boasting high HHI’s ($84k+), white-collar workforce (64%), and exceptional projected rent growth (24% through 2026). The property is set to benefit from its desirable micro location surrounded by an abundance of high-end retail (Haywood Mall & Magnolia Point), Greenville County’s nationally ranked school district, and easy access to I-85 for residents to reach over 94k jobs within a 15-minute drive. Built in 1967, Element at East North arrives to market with a proven in-place value-add program that can be enhanced with Class-A finishes to command average premiums north of $250.
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Element at East North
152 Units
50 Glenwood Road
Greenville, SC  29615
Type: Conventional
Closed: 9/22/2022
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Gramercy Row Apartments
82 Units
206 Williamson Rd SE
Roanoke, VA  24011
Type: Conventional
Closed: 9/22/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 298-unit Reserve at 1200 & 1404 apartment communities located in Albany, Dougherty County, Georgia. These assets are situated in the desirable Northwest Albany area along arterial corridor, Whispering Pines Rd, which quickly connects residents to the market’s premier retail and major job hubs, including Pheobe Hospital. Built in 1973 & 1979, Reserve at 1200 & 1404 represent an outstanding opportunity to invest in a moderately renovated, proven value-add primed asset, poised to benefit from the Albany community.
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Reserve at 1200 & 1404
298 Units
1404 Whispering Pines Rd & 1200 Kingtown Ct
Albany, GA  31707
Type: Conventional
Closed: 9/20/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group and Larry G. Schedler& Associates, Inc., are pleased to present the exclusive listing of the 132-unit Townebridge Place apartment community located in Gretna, Jefferson Parish, LA. This asset is situated south of Metro New Orleans, just 5 miles from the new $1B River District Development. Effective rent in the area has grown 9.4% over the past 12 months, due to limited supply. Townebridge Place currently has all classic units and is primed for an interior value-add program to boost rental income. Built in 1984, Townebridge Place offers an outstanding opportunity to invest in a value-add asset in a supply strained submarket.
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Townebridge Place
132 Units
1615 Carol Sue Avenue
Gretna, LA  70056
Closed: 9/19/2022
Cushman & Wakefield, as exclusive advisor, is pleased to present a value-add investment opportunity to acquire Heron Landing, a 144-unit community featuring 100% two-bedroom units. The property features an expansive average unit size of 1,053 square feet with a unique unit mix of all two-bedroom units. Built in 1988, the property is perfect positioned for new ownership to implement a significant value-add renovation program as well as an opportunity to enhance the unique amenity spaces.

Located at Pine Island Road & Commercial Boulevard, the property is perfectly situated just minutes from the Sawgrass Expressway, allowing for quick commutes to the other major thoroughfares throughout Broward. This will allow residents to easily commutes to the area's major employment centers including Sawgrass Corporate Park, Plantation, Cypress Creek, Boca Raton and Downtown Fort Lauderdale.
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Heron Landing
144 Units
5280 NW 88th Avenue
Sunrise, FL  33351
Type: Conventional
Closed: 9/16/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 912-unit Upstate Value-Add Portfolio, which can be acquired together or individually. The five assets are situated in two of South Carolina’s most admired cities, Greenville and Spartanburg. The highly sought-after North Greenville and Spartanburg submarkets are characterized by top-tier retail, award winning school districts, and seamless connectivity via I-85 to major economic drivers. The immediate areas surrounding the properties boast high average HHIs, dominant white-collar populations, and impressive rent growth, representing the ideal time to own in these thriving pockets of Upstate, SC. The properties offer an outstanding opportunity to gain immediate scale, infrastructure, and create efficiencies in high growth Southeastern markets through well capitalized assets ($6.9M+). Built from 1974-1986, the properties arrive to market primed for a Class-A value-add campaign where new ownership can benefit from the tremendous upside of the portfolio advantage, push rents $230+, and yield additional revenue for years to come.
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Upstate Value-Add 5 Portfolio (5 properties, 912 units)
The Park at Bonito
180 Units
25 Pelham Road
Greenville, SC  29615
Type: Conventional
Closed: 9/15/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 912-unit Upstate Value-Add Portfolio, which can be acquired together or individually. The five assets are situated in two of South Carolina’s most admired cities, Greenville and Spartanburg. The highly sought-after North Greenville and Spartanburg submarkets are characterized by top-tier retail, award winning school districts, and seamless connectivity via I-85 to major economic drivers. The immediate areas surrounding the properties boast high average HHIs, dominant white-collar populations, and impressive rent growth, representing the ideal time to own in these thriving pockets of Upstate, SC. The properties offer an outstanding opportunity to gain immediate scale, infrastructure, and create efficiencies in high growth Southeastern markets through well capitalized assets ($6.9M+). Built from 1974-1986, the properties arrive to market primed for a Class-A value-add campaign where new ownership can benefit from the tremendous upside of the portfolio advantage, push rents $230+, and yield additional revenue for years to come.
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Upstate Value-Add 5 Portfolio (5 properties, 912 units)
The Park at Calabria
101 Units
100 Pelham Road
Greenville, SC  29615
Type: Conventional
Closed: 9/15/2022
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Brookside Park
88 Units
2 Quiet Creek Drive
Florence, KY  41042
Type: Conventional
Closed: 9/9/2022
The Cushman & Wakefield Student Housing Capital Markets Team, in conjunction with the Sunbelt Multifamily Advisory Group, is pleased to present the exclusive listing of Blanton Common, a student housing community located in Valdosta, Georgia catering to Valdosta State University. The property totals 277 units and 862 beds, built in 2006 with property-wide renovations throughout 2021 and 2022. This offering provides investors the opportunity to purchase a newly renovated student housing asset with significant preleasing momentum and proven upside yielding immediate returns.
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Blanton Common
277 Units | 862 Beds
1505 Lankford Drive
Valdosta, GA
Type: Student
Closed: 9/8/2022
Cushman & Wakefield, as exclusive advisor, is pleased to present an urban infill investment opportunity to acquire Manor Broken Sound – South Florida’s premier 297 apartment home asset located in Boca Raton, Florida. The property is comprised of a six-story midrise and two-story villas with garages and has a combined average unit size of 1,118 square feet. Manor Broken Sound is centrally located in the heart of the Park at Broken Sound and provides immediate access to 8.8 million square feet of office and industrial , making it one of South Florida’s most dynamic live and work environments. The property opened in February 2022 and was developed by nationally recognized Related Group.
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Manor Broken Sound
297 Units
5400 Broken Sound Blvd NW
Boca Raton, FL  33487
Closed: 9/8/2022
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Marlee Villas
20 Units
7426 Frisco Avenue
Leeds, AL  35094
Closed: 9/8/2022

Cushman & Wakefield, as exclusive advisor, is pleased to present Palm Springs, a garden-style value-add apartment community consisting of 86 units in Hialeah, Florida (the “Property”). The Property features a distinct unit-mix with 59% two-bedroom units and 41% one-bedroom units. The Property is 95% occupied with an average market rent of $1,274 per unit. With modest unit upgrades there is an additional $150 per unit per month rent upside.

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Palm Springs (3 properties, 86 units)
565-595 Palm Springs
48 Units
565-595 West 51st Place
Hialeah, FL  33012
Closed: 9/6/2022

Cushman & Wakefield, as exclusive advisor, is pleased to present Palm Springs, a garden-style value-add apartment community consisting of 86 units in Hialeah, Florida (the “Property”). The Property features a distinct unit-mix with 59% two-bedroom units and 41% one-bedroom units. The Property is 95% occupied with an average market rent of $1,274 per unit. With modest unit upgrades there is an additional $150 per unit per month rent upside.

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Palm Springs (3 properties, 86 units)
725 Palm Springs
22 Units
725 W 29th Street
Hialeah, FL  33014
Closed: 9/6/2022
The Cushman & Wakefield Student Housing Capital Markets Team and Gulf States Multifamily Team is pleased to present the exclusive listing of The Social Campus, a 408-unit, 1,392 bed, apartment community located in Starkville, MS. This asset is situated directly adjacent to Mississippi State University with immediate access to the east side of campus. Built in 2011 and 2012, The Social Campus offers an outstanding opportunity to invest in a Class "A" pedestrian asset in a thriving university market that has shown continuous growth over the past decade.
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The Social Campus
408 Units | 1,392 Beds
14 Mary Lee Lane
Starkville, MS  39759
Type: Student
Closed: 9/2/2022
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Railway Manors
32 Units
913 N College Avenue
Bloomington, IN  47404
Closed: 8/31/2022

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 267-unit The Lexington community located in Sarasota, Florida.

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The Lexington
267 Units
3510 Cheshire Square
Sarasota, FL  34237
Closed: 8/31/2022
Cushman & Wakefield, as exclusive advisor, is pleased to present this landmark, LEED Silver, mixed-use development. This 1.2 million square-foot project provides a true live-work-play ecosystem by incorporating 495 luxury residential units with the prestigious Life Time (NYSE: LTH) athletic resort and co-working space along with renown onsite amenity retailers like Trader Joe’s and Graziano’s Restaurant and Market.

Dedicated to the pursuit of healthy living, the Life Time facility is over 90k square feet and includes a plethora of amenities such as a comprehensive fitness center, café, child care, and spa, along with health, nutrition, and fitness consulting. In addition, a 24k square-foot coworking space provides residents and members alike with a myriad of options from complete office spaces for small companies to shared desks and common areas for co-working and WFH uses. Current programming provides residents of the 495 luxury multifamily units with free membership to Life Time Athletic.

This one-of-a-kind project sits prominently on US-1 in world-renowned Coral Gables with excellent access to employment and walkability to the Shops at Merrick Park. Resident demographics are exceptionally strong with average household incomes of over $500,000. The property represents a rare opportunity for a large-scale mixed-use acquisition in one of the highest barrier-to-entry and most affluent submarkets in Miami.
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Life Time Coral Gables
495 Units
237 S Dixie Hwy
Coral Gables, FL  33133
Closed: 8/26/2022

PORTFOLIO OPPORTUNITY SOLD BY LONG-TERM OWNER

Meridian Court South is a well-performing property being offered free and clear by the long-term owner. Meridian Court South can be purchased individually, or as a portfolio with the 532-unit Spinnaker Court to achieve scale with 821 total units.

CLEAR PATH TO SUBSTANTIALLY INCREASE REVENUE

At 98% occupancy, the property is primed for substantial increases to rents and income. This can be achieved by implementing water/sewer billback, lake view and W/D connection premiums, upgrading all 289 mainly original units, and adding amenities. Current rents trail the market by an average of $190+. Nearby properties have completed upgrades and are achieving significantly higher rents. A new owner could also simply continue to operate the properties as is without upgrades.

WELL MAINTAINED WITH DESIRABLE PROPERTY FEATURES

Significant improvements have recently been completed to this all brick property including replacement of all windows and sliders, new exterior doors, light poles, pool furniture, addition of two bark parks, fitness equipment, and more. Residents enjoy the maintained concrete streets throughout and the serene, park-like setting heavily wooded with mature trees and several lakes.

UPSCALE, GROWING SOUTH SIDE SUBURB

The property is under two miles from the city of Greenwood, a sought-after south suburb of Indianapolis enjoying 57% population growth since 2000. The affluent White River Township, immediately south boasts an average household income of $121K. The area is also known for well-performing schools and proximity to downtown Indianapolis and Columbus, offering numerous employment opportunities for residents.

HIGH TRAFFIC LOCATION WITH AREA'S BEST AMENITIES

The property has great visibility along the high-traffic SR-135. Residents benefit from immediate access to SR-135 and close-by US-31—dense corridors filled with the south side’s best shopping, dining and entertainment options. The popular Greenwood Park Mall, containing 1.2 million sf and more than 150 retailers, is less than three miles away.

Meridian Court South can be purchased individually, or as a portfolio with Spinnaker Court:

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Meridian Court South
289 Units
7250 S. Meridian Street
Indianapolis, IN  46217
Type: Conventional
Closed: 8/26/2022

PORTFOLIO OPPORTUNITY SOLD BY LONG-TERM OWNER

Spinnaker Court is a well-performing property being offered free and clear by the long-term owner. Spinnaker Court can be purchased individually or as a portfolio with the 289-unit Meridian Court South to achieve scale with 821 total units.

CLEAR PATH TO SUBSTANTIALLY INCREASE REVENUE

At 98+ occupancy, Spinnaker Court is primed for substantial increases to rents and income. This can be achieved by implementing water/sewer billback, lake view and W/D connection premiums, upgrading all 532 mainly original units, and adding amenities. Current rents trail the market by an average of $230+. Nearby properties have completed upgrades and are achieving significantly higher rents. A new owner could also simply continue to operate the properties as is without upgrades.

WELL MAINTAINED WITH DESIRABLE PROPERTY FEATURES

Significant improvements have recently been completed to this all brick property including replacement of all windows and sliders, new pool and decking, new exterior doors, light poles, balconies, addition of two bark parks, fitness equipment, and more. Residents love the maintained concrete streets throughout and the serene, park-like setting heavily wooded with mature trees and several lakes.

VIBRANT, GROWING WEST SIDE EMPLOYMENT

The property is ideally located on the west side of Indianapolis, adjacent to fast-growing and high-income Hendricks Co. Residents are close to an abundance of high-wage employment with easy access to the northwest side and downtown employment corridors. Major employment centers nearby are Ameriplex, Park 100, Intech Park and Indianapolis International Airport, among several others.

HIGH TRAFFIC LOCATION WITH AREA'S BEST AMENITIES

The property has great visibility along the high-traffic 38th Street with proximity to I-465 and I-74. Residents enjoy immediate access to the 3,800-acre Eagle Creek Park and 1,400-acre Reservoir, Indianapolis Motor Speedway, and all the best amenities downtown Indianapolis has to offer.

Spinnaker Court can be purchased individually, or as a portfolio with Meridian Court South:

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Spinnaker Court
532 Units
3685 St. Thomas Blvd.
Indianapolis, IN  46214
Closed: 8/26/2022
The Cushman & Wakefield Student Housing Team in conjunction with the Cushman & Wakefield Carolina’s Conventional Multifamily team is proud to present 33 East. This 264-unit, 1,056-bed student housing property is situated on 55.54 total acres serving students of East Carolina University (ECU) in Greenville, NC. The property is a well-built student housing community with 100% bed-bath parity and oversized common amenities and large units. Current ownership has addressed deferred maintenance and has a proven business plan in which renovated units currently achieve rental and occupancy premiums.
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33 East
264 Units | 1,056 Beds
3305 East 10th Street
Greenville, NC  27858
Type: Student
Closed: 8/25/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Preserve at Pine Valley, 219-unit apartment community located in Wilmington, NC, the 3rd fastest growing city in the state. Built in 1974, Preserve at Pine Valley is a strong performing asset with excellent value-add potential and strong operational momentum. Ranked top 20 for inbound population growth in 2020, the South Wilmington submarket posted 17.5% YoY rent growth through 2021 bolstered by the presence of nearby retail, jobs, and education opportunities including UNC Wilmington just north of the property. Incoming investors can capitalize on strong market fundamentals by completing the in-place value-add program and pushing rents $300+.
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The Preserve at Pine Valley
219 Units
3314 Wickslow Road
Wilmington, NC  28412
Type: Conventional
Closed: 8/25/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group and Larry G. Schedler & Associates, Inc. are pleased to present the exclusive listing of the 144-unit Greenbrier Estates apartment community located in St. Tammany Parish, Slidell, Louisiana. St. Tammany is a business-friendly and affluent suburb north of I-12, home to numerous recent major economic developments. The asset has excellent connectivity, located near the intersection of I-12 and I-10. New ownership has the opportunity to implement a value-strategy to boost rents at the property. Further, the 12.7 acres of land next to the asset will allow a new owner to build out a Phase II of approximately 200 units. Built in 2003, Greenbrier Estates represents an outstanding opportunity to invest in a value-add asset in a highly-desirable New Orleans submarket.
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Greenbrier Estates
144 Units
100 Greenbrier Way
Slidell, LA  70460
Type: Conventional
Closed: 8/24/2022

HIGHLY DESIRABLE ALL TOWNHOME LAYOUTS WITH GARAGES

100% of the units at Aurora have an attached one car garage and offer a spacious townhome layout with 1,200+ square feet of living space, providing a single family look and feel. All units have a private entrance, front and back yard, private garage, in unit washer/dryer connection, deck, and spacious basement with storage space and daylight window.

HIGH OCCUPANCY, 5.2% T-3 CAP RATE & UNDER MARKET RENTS

With current occupancy of 94%+/- and a multi-year history of high occupancy, Aurora has demonstrated incredibly high renter demand. Current rental rates trail the surrounding comparable properties by more than 20% / $260+ per month. Pricing guidance at $11M represents 5.2% Cap Rate on T-3.

ABILITY TO RAISE REVENUE IMMEDIATELY

In addition to organic rent growth, a new owner can increase rents by completing interior unit upgrades to achieve $200+ monthly premiums.

CLOSE PROXIMITY TO RETAIL & EMPLOYMENT

Residents of Aurora Townhomes enjoy easy access to abundant nearby retail, restaurants and employment. Bath and Body Works is headquartered in the city and other employers include Amazon, Lbrands, Victoria's Secret, JCPenney, Ohio Health and Mount Carmel East Hospital. Reynoldsburg is located in the Columbus MSA, one of the fastest-growing metros in the nation with unprecedented population, GDP and job growth.

360 UNIT PORTFOLIO: $99K/UNIT & 5% T-3 CAP RATE

Aurora can be purchased individually, or as part of a three property, 360-unit portfolio. The Portfolio Pricing Guidance of $35.5M represents an average price per unit of just under $99k per unit and a blended 5.0% Trailing 3 Cap Rate.

   
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Aurora Townhomes
82 Units
6864 Gemstar Road
Reynoldsburg, OH  43068
Type: Conventional
Closed: 8/23/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 176-unit Magnolia Terrace apartment community located in Montgomery, AL. The asset is located in the sought-after East Montgomery submarket, near upscale retail with easy access to downtown via Atlanta Hwy (52K+ VPD). The metro benefits from a strong manufacturing economy, highlighted by recent capital investments by Hyundai ($410M, 1.2K jobs), AL Port State Authority ($340M, 2.6K jobs), Amazon ($100M, 500 jobs), and Bella+Canvas (550 jobs). Built in 1986, Magnolia Terrace offers an outstanding opportunity to invest in an uptrending, cash-flowing asset with proven value-add ($100-$150).
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Magnolia Terrace
176 Units
155 Sylvester Drive
Montgomery, AL  36117
Type: Conventional
Closed: 8/23/2022