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Cushman & Wakefield is pleased to present the exclusive opportunity to acquire the 184-unit "CasaBella" apartments in Las Vegas, NV. The property is comprised of two phases, the 120-unit "CB1" and 64-unit "CB2". CB1 is located at 4965 South Nellis Boulevard, while CB2 is located one block down Tropicana Avenue. The Paradise Valley East Submarket is one of the fastest growing and best performing multifamily markets in the Valley, placing CasaBella as a limited-risk investment with superior rent growth prospects and long-term value appreciation potential.

Yardi, Axio, Real Page, and CoStar project Las Vegas to be among the top 5 major metros in the nation for rent growth over the next five years, with CoStar projecting rent growth of over 25% in the next 36 months

The Paradise Valley East Vegas submarket experiences the highest demand for upper blue-collar workforce housing in the valley. The lack of quality inventory in this submarket puts CasaBella in an attractive position. Additionally, CasaBella is close to shopping & transportation and has great visibility on one of the major thoroughfares in the valley.

The CasaBella apartments offer investors the unique opportunity to acquire a new construction asset at a discounted price, below replacement cost, to all other new construction sales in the past two years. Additionally, investors will have the opportunity to begin a renovation scope that will help lift rents even further.

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CasaBella Apartments
184 Units
4965 South Nellis Boulevard
Las Vegas, NV  89120
Type: Conventional
Closed: 1/19/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 464-unit Pine Crest apartment community located in North Charleston, SC. The 42-acre site is strategically located near the eclectic neighborhood of Park Circle, offering varied dining and entertainment options, as well as the evolving Charleston Navy Base & Shipyard and easy access to I-26. As one of the few workforce housing assets in the Park Circle submarket, Pine Crest has ideal access to multiple large employers and variety among employment options. Built in 1945 and situated on 42 acres, Pine Crest offers an outstanding opportunity to invest in a value-add proposition that is strongly supported by large rent deltas with rent comparables in the market. In addition to the value-add opportunity, investors will be able to acquire 42 favorably-located acres in a dynamic and growing submarket, expected to only improve with the projected transformative construction and reuse projects planned and currently underway in the area.
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Pine Crest
464 Units
1920 McMillan Ave
North Charleston, SC  29405
Type: Conventional
Closed: 1/14/2022

The Cushman & Wakefield Baltimore Multifamily Advisory Group is pleased to present the exclusive listing of The Johns Hopkins Flats located at 3002 and 3026 Saint Paul Street Baltimore, MD 21218. While not contiguous, the 2 buildings and 13 units are located between East 30th and 31st Streets in rare proximity to Johns Hopkins University. The Institution enrolls more than 24,000 students and employs approximately 25,000 workers, distinguishing itself as the largest employer in Baltimore City.

Additionally, future ownership has the option to convert this conventionally leased multifamily asset into a rent-per-bed leasing model, catering to undergraduate, graduate students, and young professionals. The Properties are well-suited for light value-add kitchen and bathroom refreshes. Suggested interior unit improvements include granite countertops, stainless steel appliances and repainting kitchen cabinets.

The acquisition can be funded through the GSE Small-Balance Lending Program, which allows for higher-leverage non-recourse financing for loans of $1-$7.5Million.

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Johns Hopkins Flats
13 Units
3002 and 3026 Saint Paul Street
Baltimore, MD  21218
Type: Conventional
Closed: 1/10/2022

The Cushman & Wakefield Baltimore Multifamily Advisory Group is pleased to present The Alexander Brown Building 125 located at 125 East Baltimore Street. The Property currently sits vacant and offers developers the opportunity to acquire a boutique redevelopment site, in the high growth submarket of The Central Business District where rents have grown 10%+ over the past 12 months. The submarket is over supplied with Class A Luxury premium amenity apartments, creating a void for units catering to rent-by-necessity residents rather than lifestyle renters. Several nearby developments such as 22 Light Street will focus on smaller units with urbane modern interiors, but limited amenities, offering a quality living experience at affordable prices. Developers would be well-suited to follow this thesis at AB125.

The Property offers investors an active value-add opportunity via scalable redevelopment, with zoning allowing for a total of 60 Feet of Height by Right. C-5 Zoning allows favorable/flexible zoning with the potential highest and best use as Multifamily with a first-floor retail component. The Property is ideally positioned near major employers such as Truist (SunTrust Building), Wells Fargo Tower and is directly adjacent to M&T Bank's Regional Headquarters located at One Light Street, and home to 500 white-collar employees.

The asset presents rare opportunity for a buyer to acquire a historically significant, scalable redevelopment project in a Qualified Opportunity Zone which provides investors with an ideal opportunity to realize the substantial available tax savings offered by the QOZ program.

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Alex Brown Building
   
125 E. Baltimore Street
Baltimore, MD  21202
Type: Land
Closed: 1/6/2022
The Cushman & Wakefield Senior Housing Capital Markets and Sunbelt Multifamily Advisory Group are pleased to exclusively offer for sale Springwood at Allen, a 92-unit 62+ Active Adult community located in the affluent northern Dallas suburb of Allen, Texas. Recently completed in 2020, Springwood at Allen consists of 15 single-story garden-style apartment buildings as well as a clubhouse and outdoor pool. Since opening, the Property has experienced strong leasing and is currently 100% leased. The Community offers investors a middle-market active adult community with considerable upside through initiatives such as rate growth and in a well located and convenient suburban area of Dallas, one of the fastest-growing markets in the nation. The Community is situated in a well amenitized, convenient location and is prominently displayed on Main street with high driveby visibility and easy access to Allen’s premium outlet mall and surrounding retail.
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Springwood at Allen
92 Units
975 E Main Street
Allen, TX  75002
Type: Senior
Closed: 1/6/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 204-unit Meadows at Green Tree apartment community located in Clarksville, Clark County, IN. This asset is situated north of Louisville MSA, in the rapidly expanding Southern Indiana submarket. Just off Veterans Parkway, the asset is walking distance to several large retailers. River Ridge, a 6,000-acre industrial park, is just a 15 minute drive from the property. With population and employment outpacing demand, the Southern Indiana submarket is experiencing rapid rent growth. Built in 1971, Meadows at Green Tree represents an outstanding opportunity to invest in a former LIHTC asset with value-add potential, located in a flourishing submarket.
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Meadows at Green Tree
204 Units
1418 Marlowe Drive
Clarksville, IN  47129
Closed: 1/5/2022

1. 2005 BUILT PROPERTY READY FOR UPGRADES

Creekside at Meadowbrook is a sought-after 2000's built asset with largely original finishes. This well-maintained property is primed to be upgraded, and by completing unit and common area upgrades, rents can be raised by $200+.

2. EXCELLENT UNIT LAYOUTS

The unit layouts at Creekside at Meadowbrook are unmatched in the market. Units also have abundant natural light, breakfast bar seating, spacious kitchens, en-suite bathrooms and open concept floorplans.

3. PROXIMITY TO CHICAGO

The property is located just one hour away from bustling Chicago. Creekside at Meadowbrook offers easy access to the amenities, entertainment and employment of Chicago without the expense or hassle of living in the city.

4. BENEFITS FROM ILLINOIS AND CITY EXODUS

Nationally there is a migration toward the suburbs. Locally the town of Lowell is benefiting from a boom of new residents as people look to escape Chicago and migrate from northern Lake County (Merrillville) in favor of small town charms, taxes and environment.

5. STRONG EMPLOYMENT NEARBY

Employment opportunities are plentiful in Lake County Indiana and the region. Creekside at Meadowbrook offers residents easy access to Chicago area & northern Lake county employment.

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Creekside at Meadowbrook
192 Units
510 Creekside
Lowell, IN  46356
Type: Conventional
Closed: 12/30/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 240-unit Grande View apartment community located in Biloxi, Mississippi. This asset is located between Beach Blvd and Pass Rd which offers access to two major employment centers in Gulfport and Biloxi (59K+ total jobs). Built in 2003 and well-amenitized, the asset boasts exceptional performance trends (22.8% avg. growth on leases). In addition to the property's desirable offerings, Grande View lies within one mile of over 1.3 million square feet of retail and across the street from the Biloxi beaches thus providing for a top-of-market position. Arriving to market 96% occupied, the asset offers next ownership a rare opportunity to acquire a well-performing asset with value-add upside in a highly sought-after micro location (95%+ sub-market occupancy).
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Grande View
240 Units
151 Grande View Drive
Biloxi, MS  39531
Type: Conventional
Closed: 12/30/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 204-unit, Hudson Montford apartment community, a one-of-a-kind, core plus asset immersed in the heart of in-town living. The asset is located in the epicenter of Montford Park, Charlotte’s next core micro market exploding with commercial development and characterized by an affluent resident base ($137,000 avg. HHI), skyrocketing home values ($514,000 MHV), and Charlotte’s premier employment hubs with 195,000 jobs within a 15-minute drive. Built in 1999, Hudson Montford recently received a $6.3M capital infusion - creating thoughtfully reimagined interiors and an upgraded amenity package to match. While these upgraded interiors already rival the submarket’s best, new ownership still has the opportunity to implement a niche, luxury finish package that would differentiate Hudson Montford as the submarket’s crown jewel asset. These exquisite upgrades coupled with an average floorplan size 200+ square feet larger than neighboring infill submarkets provide new ownership a unique opportunity to close the $200 rent gap to nearby competitors as well as the $425 rent gap to the neighboring submarket of South End.
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Hudson Montford
204 Units
1420 Estates Avenue
Charlotte, NC  28209
Type: Conventional
Closed: 12/30/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 312-unit, Latitude at West Ashley. The property, built in 1968 and 1973, is located in the heart of West Ashley, one of Charleston’s fastest growing submarkets, just minutes from Downtown Charleston and other major employment centers. Latitude at West Ashely is positioned off Sam Rittenberg Blvd and is set to continue pulling from a demographic defined by disposable income with white collar jobs. Current ownership has spent a significant amount of targeted capital infusion on the exterior and amenities, allowing the new buyer to focus on interior upgrades. Latitude at West Ashley offers new ownership the opportunity to complete and enhance the in-place value-add program to bridge the $360 avg rent gap from market competitors.
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Latitude at West Ashley
312 Units
1735 Ashley Hall Road
Charleston, SC  29407
Type: Conventional
Closed: 12/30/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Station at Clift Farm, a 315-unit, 2021-built apartment community located in one of the top growth markets in the country, Huntsville, AL. Delivering its first units in June 2021 with over 35 leases signed each month in the 1st 2 months of leasing, The Station at Clift Farm offers the most upscale and sought-after finishes, amenities and features in the region. The asset is nestled in the Clift Farm development which provides future residents unmatched walkability to retail while maintaining superb connectivity to the area’s major job cores. The property will also feature a top-of-the-line technology package that is only offered at the nation’s most prestigious assets. The Station at Clift Farm offers the next investor a Class A+ asset in one of the hottest markets in the country.
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The Station at Clift Farm
315 Units
165 John Thomas Drive
Madison, AL  35758
Closed: 12/30/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the completely repositioned 97-unit Terrain at Haywood apartment community located in the bustling Greenville metro area. Terrain at Haywood is situated in a desirable pocket of Greenville characterized by its young, affluent and educated demographic base as avg. HHI’s are north of $83k with a 66% white collar population and 46% have obtained a bachelor’s degree or higher. Along with being located in the highly coveted Greenville County School District, the property is also surrounded by an abundance of high-end retail (Haywood Mall & Magnolia Point) and jobs, including 4 of Greenville County’s largest employers within a 5-mile radius. Built in 1983 and repositioned in 2018, Terrain at Haywood has undergone major renovations to both the interior and exterior ($2M+) as all units have been renovated with top-of market finishes and all common areas and amenity spaces have been thoughtfully curated and detailed with modern touches.
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Terrain at Haywood
97 Units
48 McPrice Court
Greenville, SC  29615
Type: Condo Conversion
Closed: 12/29/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is excited to present Modera Prominence, a Core multifamily asset in an irreplaceable location within Atlanta. As a true trophy asset, Modera Prominence is the epitome of luxury within Atlanta’s most affluent submarket, Buckhead. The strategic North Buckhead positioning provides immediate access to a plethora of highly acclaimed restaurants and retail, while having backdoor access to Chastain Park and Central Perimeter. The property boasts premier amenities with expertly executed interiors, attracting residents with average household incomes of $230K+. Furthermore, Modera Prominence has proven out 8.6% effective rent growth since June while rapidly approaching stabilization.
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Modera Prominence
318 Units
3699 Lenox Road NE
Atlanta, GA  30305
Type: Conventional
Closed: 12/28/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Gates at Summerville, a 232-unit apartment community located in bustling Summerville, South Carolina. This asset sits immersed in one of the most desirable submarkets in Charleston. With 66% white collar population, an avg. HHI set to eclipse $105k in 2025, access to the #1 school district, and in close to proximity to major employment nodes, Gates at Summerville is primed to benefit from this windfall. Built in 1979, this property provides investors with the opportunity to acquire a well maintained asset primed for a strategic value add program. Through a $9,200/unit renovation focused on interior revitalization and the addition of washers/ dryers new ownership can command monthly rent premiums in excess of $280. This represents a 26% return on investment.
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Gates at Summerville
232 Units
1225 Boone Hill Road
Summerville, SC  29483
Type: Conventional
Closed: 12/23/2021