The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Gates at South Bend, 147 units located in Tuscaloosa, Alabama. Tuscaloosa has produced outstanding growth over the past decade, benefitting from an economy backed by two pillars: University of Alabama ($2.8B impact) the Mercedes-Benz plant ($5.8B investment). Gates at South Bend is centrally located in Tuscaloosa with virtually immediate access to I-20. Residents are within 20 minutes of the Mercedes Benz manufacturing plant and 10 minutes of UA’s main campus. Originally constructed between 1976-1980 and heavily rehabbed from 2017-2021, Gates at South Bend offers future ownership a performing, heavily capitalized asset well below replacement cost.
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The Gates at South Bend
147 Units
3831 3rd Avenue E
Tuscaloosa, AL  35405
Type:  Multifamily
Closed: 6/30/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 434-unit Columbia Value-Add 3 Portfolio, which can be acquired together or individually. Located in two of Columbia’s most prestigious and high barriers to entry submarkets, Dutch Fork and Lexington, residents at each asset enjoy direst access to 142k+ jobs within a 20-minute drive, seamless connectivity to the area’s largest employers, top tier retail, and higher education paving the way for continued appreciation. Furthermore, the immediate areas provide exceptional demographics with high avg. household incomes, predominantly white-collar workforces, and diminishing multifamily pipelines surrounding each asset. The portfolio arrives to market displaying attractive fundamentals including steady occupancy levels (98% avg.), an attractive mix of outsized floorplans as 50% of units are townhomes, an 18+ year ownership hold, and the opportunity for future development on Three Rivers’ additional 3 acres of land. Built from 1970-1974, this portfolio offers an outstanding opportunity to gain immediate scale and infrastructure in a high growth southeastern market through three well maintained assets ($2.9M+ in CapEx since 2020) with proven value-add programs achieving average premiums of $140.
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Columbia Value-Add 3 Portfolio (3 properties, 434 units)
Fountains of Edenwood
168 Units
1206 North Eden Drive
Cayce, SC  29033
Type:  Multifamily
Closed: 6/28/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 250-unit Hidden Valley and 236-unit Park Valley apartment communities located in Decatur, DeKalb County, Georgia. Situated in the rapidly-expanding Decatur area of east Atlanta, these assets enjoy close-in access to all of Atlanta's major employment hubs via I-285 and I-20. Both early 1970s vintage, Hidden Valley and Park Valley are located in one of the most popular multifamily submarkets in the Metro with organically rising rents for the past seven years.
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Hidden Valley & Park Valley (2 properties, 486 units)
Park Valley
236 Units
2571 Candler Road
Decatur, GA  30032
Type:  Multifamily
Closed: 6/28/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 434-unit Columbia Value-Add 3 Portfolio, which can be acquired together or individually. Located in two of Columbia’s most prestigious and high barriers to entry submarkets, Dutch Fork and Lexington, residents at each asset enjoy direst access to 142k+ jobs within a 20-minute drive, seamless connectivity to the area’s largest employers, top tier retail, and higher education paving the way for continued appreciation. Furthermore, the immediate areas provide exceptional demographics with high avg. household incomes, predominantly white-collar workforces, and diminishing multifamily pipelines surrounding each asset. The portfolio arrives to market displaying attractive fundamentals including steady occupancy levels (98% avg.), an attractive mix of outsized floorplans as 50% of units are townhomes, an 18+ year ownership hold, and the opportunity for future development on Three Rivers’ additional 3 acres of land. Built from 1970-1974, this portfolio offers an outstanding opportunity to gain immediate scale and infrastructure in a high growth southeastern market through three well maintained assets ($2.9M+ in CapEx since 2020) with proven value-add programs achieving average premiums of $140.
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Columbia Value-Add 3 Portfolio (3 properties, 434 units)
The Farrington
158 Units
1513 Farrington Way
Columbia, SC  29210
Type:  Multifamily
Closed: 6/28/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 434-unit Columbia Value-Add 3 Portfolio, which can be acquired together or individually. Located in two of Columbia’s most prestigious and high barriers to entry submarkets, Dutch Fork and Lexington, residents at each asset enjoy direst access to 142k+ jobs within a 20-minute drive, seamless connectivity to the area’s largest employers, top tier retail, and higher education paving the way for continued appreciation. Furthermore, the immediate areas provide exceptional demographics with high avg. household incomes, predominantly white-collar workforces, and diminishing multifamily pipelines surrounding each asset. The portfolio arrives to market displaying attractive fundamentals including steady occupancy levels (98% avg.), an attractive mix of outsized floorplans as 50% of units are townhomes, an 18+ year ownership hold, and the opportunity for future development on Three Rivers’ additional 3 acres of land. Built from 1970-1974, this portfolio offers an outstanding opportunity to gain immediate scale and infrastructure in a high growth southeastern market through three well maintained assets ($2.9M+ in CapEx since 2020) with proven value-add programs achieving average premiums of $140.
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Columbia Value-Add 3 Portfolio (3 properties, 434 units)
Three Rivers
108 Units
900 Gracern Road
Columbia, SC  29210
Type:  Multifamily
Closed: 6/28/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 224-unit Chapel View apartment community located in Chapel Hill, NC. This asset is situated in the thriving multifamily market in Chapel Hill and is benefiting from its proximity to UNC Chapel Hill. Just south of I-40, Chapel View is given streamlined access to Durham, RTP, and the entirety of the rapidly expanding Triangle. The property is just minutes from top retail including Whole Foods, Starbucks, Trader Joes, and Harris Teeter. Built in 1986, Chapel View offers an outstanding opportunity to invest in an asset that has received over $1.5 million in capital expenditures since the end of 2021. Incoming investors can continue the established, proven value-add program and increase NOI by over 23%.
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Chapel View
224 Units
2701 Homestead Road
Chapel Hill, NC  27516
Type:  Multifamily
Closed: 6/27/2023

$88,000 PER UNIT | 6.4% T-1 AND 6.2% T-3 CAP RATE

Harrison Point is in great physical condition and offers immediate cash flow selling at a 6.4% T-1/6.2% T-3 Cap Rate. A capital infusion of $4.6M+ has been completed since 2011. Much of the property infrastructure has been upgraded or replaced and windows were replaced within the last 13 years.

DEMONSTRATED REVENUE GROWTH POTENTIAL

High demand to live at Harrison Point is demonstrated by 30.4% rent growth on most recent 100 leases signed. From September to December 2022, renewal rents have increased 21% and new lease rents have increased by 37.7%, on average.

ABILITY TO RENOVATE AND ACHIEVE PREMIUMS

From 2013-2019, 28 unit interiors were upgraded with new cabinets, appliances, lighting and plumbing fixtures. The current revenue management has pushed rents significantly due to high occupancy and demand. The remaining 314 classic units could be upgraded. A new owner could also continue to operate the property as is and enjoy organic rent growth.

HIGH OCCUPANCY | LOW BAD DEBT AND TURNOVER | STRONG COLLECTIONS

Current occupancy is 97% at Harrison Point with a 97% five year average. Historical and current bad debt are low, and the property has had less than 10 evictions in 2022. Harrison Point enjoys low turnover with the majority of residents having living on site for at least two years.

VIBRANT EASTSIDE SUBMARKET

Located next to fast-growing Hancock County, the East side is showing upward trends in several indicators including occupancy and rent growth. Its substantial job base and strong regional economy are both growing faster than jobs nationwide. Industrial development is booming with 10.6 million SF under construction in the submarket.

808-UNIT PORTFOLIO OFFERING

Harrison Point can be purchased individually, or together with Aura (125 units) in Indianapolis, Tuscany Bay (96 units) in Lawrenceburg, and Devonshire Gardens (139 units) and Devonshire Place (106 units) in Evansville for a total portfolio of 808 units, offering instant economies of scale.

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Harrison Point
342 Units
9093 Bourbon Street
Indianapolis, IN  46236
Closed: 6/26/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 114-unit Arden Place apartment community located in Warner Robins, Houston County, Georgia. This asset is situated strategically northeast of major retail centers including Target, Walmart Neighborhood Market, Home Depot, Lowe’s, and Kroger, and just west of Robins Airforce Base. Built in 1983, Arden Place represents an outstanding opportunity to invest in a proven value-add asset achieving rent premiums of $250 on renovated units. The community is situated in the rapidly-expanding area of Watson Boulevard with strong growth indicators and market fundamentals, as Middle Georgia maintains its place as one of Georgia’s leading secondary markets.
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Arden Place
114 Units
835 Johnson Road
Warner Robins, GA  31093
Type:  Multifamily
Closed: 6/20/2023

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 140-unit Palm Grove Apartments community located in Orlando, Florida.

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Palm Grove
140 Units
1200 Holden Avenue
Orlando, FL  32839
Type:  Multifamily
Closed: 6/15/2023
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Union Club
240 Units
3663 Union Chapel Road
Fort Wayne, IN  46845
Type:  Multifamily
Closed: 6/9/2023

Cushman & Wakefield is pleased to offer AVALON, a 117-unit fully renovated garden-style asset located in the Biltmore area of the city of Phoenix. Originally constructed in 1973, Avalon has undergone a complete renovation under the current ownership to create a high quality, affordable community in the highly desirable Biltmore area of Phoenix.

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Avalon
117 Units
3851 North 28th Street
Phoenix, AZ  85016
Closed: 6/1/2023
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Chroma
70 Units
113 E 26th Street
Minneapolis, MN  55404
Closed: 6/1/2023

808-UNIT PORTFOLIO

Devonshire Gardens (139 units) and Devonshire Place (106 units) must be purchased together. They can also be purchased with Harrison Point (342 units) and Aura (125 units) in Indianapolis, and Tuscany Bay (96 units) in Lawrenceburg for a total portfolio of 808 units, offering instant economies of scale.

WELL MAINTAINED PROPERTIES WITH DESIRABLE FEATURES

The majority of windows and patio doors were replaced from 2012-2015 at both properties. The exteriors are mostly brick and have mature landscaping with a neighborhood feel. Both properties have very desirable, large townhome units.

VALUE-ADD OPPORTUNITY

A total of 100 units have already been upgraded and are achieving premiums of $70-$100+. Upgrading the remaining 145 units, as well as building exteriors would achieve additional revenue. Average rents are also below competing properties.

EXCELLENT LOCATION

Both properties are close together and are walkable to adjacent grocery stores and abundant retail on Green River Road. Deaconness Gateway Hospital and Ascension St. Vincent Evansville Hospital are a short drive. Interstate 69 is just two miles south of the properties.

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Devonshire Gardens & Devonshire Place
245 Units
815 Erie Avenue
Evansville, IN  47115
Type:  Multifamily
Closed: 5/30/2023

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present Parkway Square & Tally Square, a 505-unit, two-property value-add opportunity, located in Tallahassee, Florida.

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Parkway Square & Tally Square (2 properties, 506 units)
Parkway Square
278 Units
1112 S. Magnolia Drive
Tallahassee, FL  32301
Closed: 5/30/2023

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present Parkway Square & Tally Square, a 505-unit, two-property value-add opportunity, located in Tallahassee, Florida.

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Parkway Square & Tally Square (2 properties, 506 units)
Tally Square
228 Units
2855 Apalachee Pkwy
Tallahassee, FL  32301
Type:  Multifamily
Closed: 5/30/2023

Unique Property with large single-level floor plans

Aura offers residents a large single-level floor plan layout. One bedrooms offer 1,000 SF+ of spacious living and the average unit size is 1,200 SF+. All units have large patios and balconies, and first floor units have a wrought iron enclosed patio. The full amenity set features a fitness facility, pet park (new equipment) and pool (recently refurbished with new pool equipment and poured new deck around pool).

Near Major Employment and Amenities

Numerous major employment centers are within a 15-minute drive of the property. Aura is also very close to Marian University (1,115 emp.), Butler University (500 emp.), Indianapolis Motor Speedway (400+ emp.), Newfields Art Museum & Nature Park (300+ emp.) and the popular 5,300-acre Eagle Creek Park & Reservoir.

Close Proximity to Downtown Indy

Downtown Indianapolis is a quick 10 mile drive from Aura. Downtown is the main employment center and offers countless opportunities for dining, entertainment, sports, festivals and night life.

6.4% Cap Rate - Year One with Additional Upside

The current owner has spent more than a year cleaning up the rent roll and completing evictions for residents with non-payment. The new owner can achieve a 6.4% cap rate in year one by simply normalizing bad debt to 2%. By upgrading classic units, revenue can be increased by an additional $300K annually. Fully upgraded units will likely command a $200+ Premium.

808 Unit Portfolio Offering

Aura can be purchased individually, or together with Harrison Point (342 units) in Indianapolis, Tuscany Bay (96 units) in Lawrenceburg, and Devonshire Gardens (139 units) and Devonshire Place (106 units) in Evansville for a total portfolio of 808 units, offering instant economies of scale.

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Aura
125 Units
3035 W. 39th Street
Indianapolis, IN  46228
Closed: 5/25/2023
The Idaho Multifamily Advisory Group of Cushman & Wakefield and Greystone are pleased to present the exclusive listing of the 40-unit River View apartment community located in Burley, Cassia County, Idaho. This asset is situated along Snake River in the sought-after neighborhood of Burley, just east of Twin Falls. The property is located one mile from I-84, giving residents convenient access to major employers and economic driver Twin Falls. Over the last 12 months, average occupancy at River View has been 98%. Built in 2007, River View gives a new investor the opportunity to acquire an LIHTC asset with potential upside in a minimal supply submarket.
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River View
40 Units
256 West 3rd North
Burley, ID  83318
Closed: 5/24/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Riverwood Apartments, a 206-unit apartment community located in the rapidly expanding city of Wilmington, North Carolina. The 2022-built asset is strategically located in one of the East Coast’s fastest growing cities, seeing 37% population growth since 2010 alone. As population continues to swell, rents in the area are skyrocketing, with 25% rent growth expected by 2027. The property’s long-term desirability is bolstered by its increasingly affluent micro location ($82k+ Avg. HHI) and proximity to the city’s major entertainment & employment centers, including more than 200 new six-figure jobs at the nearby Live Oak Bank Headquarters. Riverwood has demonstrated excellent pace during lease-up thus far, averaging 24 move-ins per month from August 2022 through January 2023, while simultaneously escalating rental rates. Comprised of 42% townhomes and constructed with state-of-the-art finishes, Riverwood represents an outstanding opportunity to acquire one of the market’s top-quality assets, offering a clear path to close the $215 rent runway by signing leases at the proven rates.
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Riverwood
206 Units
3510 Corder Drive
Wilmington, NC  28412
Type:  Multifamily
Closed: 5/24/2023

1999 Built Property at $130k per Unit

Built in 1999, Tuscany Bay is newer than the majority of the comps, offers larger floorplans, more extensive amenities and W/D hookups in all units. Offered at $130k per Tuscany Bay is well below replacement cost and is located in a high income area with average household income of $95k+ in the one mile radius.

5.8% T-3 Actual Cap Rate & 13.2% Organic Rent Growth

Offering excellent cash flow immediately, Tuscany Bay is offered at a 5.8% T-3 Cap Rate and over a 6.5% Cap Yr 1. On the most recent 20+ leases, the property has achieved a $181/ month average increase in rent. This was achieved organically and not a result of unit upgrades.

Opportunity to Continue Upgrades & Increase Revenue

The current owner has upgraded the clubhouse and renovated 40% of the units. The remaining classic units can be upgraded to achieve additional premiums. A new owner can also provide washer/dryer machines and microwaves to charge a $40 premium and increase the Water/sewer bill back.

Easy Access to Cincinnati & Nearby Major Employers

The location of Tuscany Bay allows for easy access to all that Cincinnati has to offer. With downtown just under 30 min away, residents can access abundant employment, dining, shopping and entertainment options. The property is also conveniently located near major employers.

Purchase Individually or in 808 Unit Portfolio

Tuscany Bay can be purchased with Harrison Point (342 units) & Aura (125 units) in Indianapolis, IN as well as Devonshire Gardens (139 units) & Devonshire Place (106 units) in Evansville, IN, for a total portfolio of 808 units, offering economies of scale. The properties may also be purchased individually.

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Tuscany Bay
96 Units
100 River Road
Lawrenceburg, IN  47025
Type:  Multifamily
Closed: 5/16/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 64-unit Avondale Gardens apartment community located in Birmingham, Alabama. The LIHTC asset is situated less than 3 miles from downtown Birmingham in the highly desirable up and coming Avondale neighborhood. The asset offers residents easy walkability to Avondale’s entertainment district (0.3 miles away) where patrons can shop, eat, drink, socialize and more. Built in 2003/2004, the asset features a very attractive physical plant that is well-maintained. Avondale Gardens represents an outstanding opportunity for new ownership to acquire a well-positioned LIHTC asset.
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Avondale Gardens
64 Units
4252 3rd Avenue South
Birmingham, AL  35222
Type:  Multifamily
Closed: 5/15/2023
The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of 32 Union, a 210-unit, 2019- built apartment community located in very desirable Hamilton County, the state's most affluent and fastest-growing county.

Acquisition of 32 Union represents an opportunity to own one of the best properties in a high-end high-growth location. The property offers everything high-income dwellers are looking for - from a luxurious amenity set and curated design finishes to a sought-after Noblesville location.

2019 BUILT PREMIER SUBURBAN PROPERTY

Built with amenities and interior unit finishes that cater to high income earners, 32 Union offers luxury in each residence and a comprehensive amenity set that rivals, and is often superior, to any of the nearby competitors.

HIGHEST GROWTH & INCOME COUNTY

Hamilton County boasts the highest income and growth metrics in the entire state. Noblesville offers a highly acclaimed school district and has experienced rapid population growth of 191% since 2010.

CONNECTED TO INDY, CARMEL, FISHERS & WESTFIELD

Located in Noblesville, a high-end suburb of Indianapolis, 32 Union offers its residents easy access to Indy, Carmel, Fishers and Westfield all within a quick drive, providing tremendous employment, retail and service opportunities.

UNDER MARKET RENTS & 19.7% YOY INCOME GROWTH

Demonstrating the ability to grow rents, revenue at 32 Union has increased 19.7% Year-over-year. The current rental rates also trail the nearby competition by $75 - $500 allowing the new owner to continue to increase revenue.

LIMITED NEARBY NEW CONSTRUCTION

Surrounded largely by high end single family homes and The Sagamore Golf Club, there are only a few new properties being add in this submarket of Noblesville.

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32 Union
210 Units
17340 Fleming Street
Noblesville, IN  46060
Type:  Multifamily
Closed: 5/11/2023
Cushman & Wakefield, Inc. is pleased to present the exclusive opportunity to acquire the Spectrum Apartments, a 2010 construction, core-plus, 252-unit apartment community located in the highly affluent Summerlin/Spring Valley submarket of Las Vegas, NV. This is one of the fastest growing and best performing multifamily markets in the nation (over 20% year over year rent growth), positioning the Spectrum Apartments as a limited-risk investment with superior rent growth prospects and long-term value appreciation potential.
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Spectrum Apartments
252 Units
9242 W Russell Road
Las Vegas, NV  89148
Type:  Multifamily
Closed: 5/11/2023
The Cushman & Wakefield Multifamily Advisory Group is pleased to present the exclusive listing of Burgundy Court Apartments. The community consists of 234 units including 32 - 1 Bedroom units, 140 – 2 Bedroom units and 62 – 3 Bedroom, 2-story Townhomes. Burgundy Court was built in 1967 and is located in Colerain Township, a desirable community in the northwest area of Greater Cincinnati.

1. EXCELLENT VALUE ADD POTENTIAL
Burgundy Court offers an excellent true value-add upgrade potential. Through unit renovations and adding additional property amenities, a forecast rent premium of $175 - $325 can be achieved.

2. UNDER MARKET RENTS
Current rents at Burgundy Court are currently on average 20% below nearby competition. A new owner could operate the property as-is and enjoy strong organic growth.

3. PROXIMITY TO EMPLOYMENT AND RETAIL
The properties positioning near Rt 126, the Ronald Reagan Cross County Highway, and I-275, along with the immediate access to a myriad of retail, restaurants and top employers nearby make the property a highly desirable location for tenants.

4. FAVORABLE MARKET FUNDAMENTALS
Cincinnati’s rent growth is currently 9.5% (YOY), submarket vacancy is 4.8% and job growth is projected to be 2.6%. These fundamentals along with Cincinnati’s diverse economy make it well-positioned for both short and long-term growth.

5. IDEAL UNIT MIX COUPLED WITH OPERATING EFFICIENCY UPSIDE
Burgundy Court is a quality asset with an ideal unit mix including 62 sought after 3BR Townhomes. Additional growth can be achieved by adding additional amenities and cost saving opportunities such as implementing a bulk internet/cable package & energy saving LED lighting.
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Burgundy Court
234 Units
3295 Rocker Drive
Cincinnati, OH  45239
Type:  Multifamily
Closed: 5/5/2023

Attractive Cap Rates - 6.2% T-3 & 7.3% Year 1

Aspen Pointe is in excellent physical condition and offers immediate cash flow selling at a 6.2% T-3 and achievable 7.3% Year 1 Cap Rate. Historical occupancy averages 96% over the last four years.

Fully Renovated - $5.1M+ Capital Infusion

The majority of the property infrastructure has been replaced, and all units have been fully upgraded within the last seven years. Items included replacement of HVAC systems, electrical, plumbing, windows, patio doors and balconies.

Limited Nearby Competition

There is only one competing property close to Aspen Pointe. The remainder of the five competing properties are at least two miles away. This quiet property is nestled among mature landscaping and offers a neighborhood feel that rivals its limited competition.

Close to Logistics Hub, Airport & Interstates

Located on Indy’s southwest side, Aspen Pointe is close to Indy’s logistics hub with nearly 98M SF of facilities, Indianapolis Int’l Airport and significant employers such as Amazon, FedEx Hub, UPS Hub, Target Distribution Ctr., Foxconn and Nippon. Interstates I-465 (0.7 Mi.) and I-70 (1.6 Mi.) offer access to additional employment.

Value-Add Potential with Minor Enhancements

With minor enhancements to all units, and adding amenities, Aspen Pointe could be regarded as the top property among its competition.

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Aspen Pointe
180 Units
5838 Mooresville Road
Indianapolis, IN  46241
Closed: 5/2/2023