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The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 80-unit Briarcliff apartment community located in Wilson, NC. This asset is situated within close proximity to the area’s premier retail and employment and is also strategically located near the intersection of I-95 and I-795, providing ease of access to both Raleigh and Wilmington. In addition to the location advantages, the submarket has seen a phenomenal 6% year-over-year rent growth since 2016. This growth is a result of an increasingly affluent renter base who are projected to see a 10% increase to HHI income over the next 5 years, while unemployment levels dwindle to 3.8%. Built in 1966, Briarcliff represents the opportunity to investment in an asset that has recently received a large-scale exterior renovation and is primed to see a 50% increase to NOI through a multipronged value-add program.
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Briarcliff
80 Units
400 Crestview Ave SW
Wilson, NC  27893
Closed: 4/23/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Nissen Building Apartments - a 145-unit, historic mixed-use, high-rise asset in the heart of flourishing downtown Winston-Salem. Attention to detail during the 2005 Nissen Building redevelopment, unique amenities, and existing quality of finishes provides the ideal canvas for a market-supported value-add platform to close a $200+ rent gap to competing downtown properties, while a perpetual 50% tax abatement drives cash flow. With frontage on 4th Street, Nissen Building residents enjoy supreme walkability to the Triad’s largest employers and eclectic entertainment venues in downtown Winston-Salem - a center city submarket that has witnessed nearly $2B of investment since 2000 as part of a continued renaissance. Drastically underserved by class A apartment units, downtown Winston-Salem boasts picture-perfect supply/demand fundamentals, offering investors of Nissen Building Apartments a chance to acquire a high-rise asset at an attractive basis with a protected rent growth runway.
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Nissen Building Apartments
145 Units
310 Fourth Street West
Winston-Salem, NC  27101
Type: Conventional
Closed: 4/17/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 360-unit, Abbington Place apartment community located in Greensboro, North Carolina. Built in 2 phases (1995/1997), the low-density property received a recent capital investment of $3.86M that included new roofs, community amenity and parking lot enhancements, structural repairs, and interior upgrades to 65% of units. The demographics of the 1-mile radius surrounding Abbington Place outperform the broader market on nearly all fronts, with a 72% white collar workforce, 1.9% unemployment rate, and 50% of the population possessing higher education degrees. As the Greensboro-High Point MSA pipeline remains steady, the submarket will see a pause in development, having absorbed a recent surge in supply with ease. This strong market indicates the potential to take current, mid-tier renovations a step further at the property with the opportunity to boost annual NOI by 41% through a multi-faceted value-add 2.0 program.
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Abbington Place
360 Units
1521 Bridford Parkway
Greensboro, NC  27407
Type: Conventional
Closed: 4/14/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Residences at Diamond Ridge (336 units) and The Residences at 1805 (200 units) apartment communities located in the thriving Piedmont Triad, which ranked 4th in the nation for non-major market rent growth in the second quarter of 2019. Both properties enjoy excellent proximity to the largest employment hubs across the Triad, as The Residences at Diamond Ridge is bordering downtown Winston-Salem (27,000+ jobs), and The Residences at 1805 is only a short drive from the Piedmont Triad International Airport area (26,000+ jobs) in Greensboro. After receiving a combined capital infusion of nearly $2 million over the past 18 months, both assets are primed to complete targeted interior value-add programs that would see rental premiums of $100-150, resulting in an annual NOI boost of up to 86%.
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The Residences at 1805
200 Units
1805 Fairfax Road
Greensboro, NC  27407
Type: Conventional
Closed: 3/31/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 264-unit, Vantage at Wildewood apartment community. Delivered in 1998, Vantage at Wildewood is located in the heart of Richland County’s Northeastern path of growth. Residents enjoy seamless access to the premier retail and employment in an area defined by an exceptional demographic base, including an average HHI of over $94,000 within a three-mile radius. Bolstered by large floor plans, substantial interior renovations completed throughout 2012-2013, and outstanding amenities, the property is poised to bridge a significant rental delta in effective rents with market competitors through a market-supported Class-A renovation initiative to capture $150 premiums.
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Vantage at Wildewood
264 Units
811 Mallet Hill Road
Columbia, SC  29223
Type: Conventional
Closed: 3/31/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 318-unit, 2001-built Stone Ridge & 252-unit, 1996-built Whitehall Estates apartment communities located in Charlotte, NC. Bound by an abundance of employment, including an average of +71,500 jobs within a 3-mile radius and +42.8M SF of industrial, office, and retail space, the properties provide an unmatched, connected suburban location. The duo is primed to continue benefitting from prolific economic development and population influx driving a +9.25% submarket rent growth projection through 2022, while portfolio operating synergies bolster consistently strong financial performance. With significant rent headroom of +$400 per unit to submarket leaders, new ownership is ideally positioned to continue the dynamic in-process value-add program or execute an enhanced strategy to meet Class-A competitors.
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Stone Ridge & Whitehall Estates (2 properties, 570 units)
Stone Ridge
318 Units
8940 Camden Creek Lane
Charlotte, NC  28273
Type: Conventional
Closed: 3/13/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 318-unit, 2001-built Stone Ridge & 252-unit, 1996-built Whitehall Estates apartment communities located in Charlotte, NC. Bound by an abundance of employment, including an average of +71,500 jobs within a 3-mile radius and +42.8M SF of industrial, office, and retail space, the properties provide an unmatched, connected suburban location. The duo is primed to continue benefitting from prolific economic development and population influx driving a +9.25% submarket rent growth projection through 2022, while portfolio operating synergies bolster consistently strong financial performance. With significant rent headroom of +$400 per unit to submarket leaders, new ownership is ideally positioned to continue the dynamic in-process value-add program or execute an enhanced strategy to meet Class-A competitors.
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Stone Ridge & Whitehall Estates (2 properties, 570 units)
Whitehall Estates
252 Units
2400 Whitehall Estates Drive
Charlotte, NC  28273
Type: Conventional
Closed: 3/12/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 100-unit, Hidden Park & the 100-unit, Quail Pointe apartment communities located in Spartanburg, SC. Embedded just outside of downtown Spartanburg Hidden Park & Quail Pointe sits in close proximity to the top employment centers in the Upstate area where large investments have continually been made to expand and strengthen the Upstate job market. With a massive infusion of $1.2 million, and affluent demographics, Hidden Park & Quail Pointe offers the chance to boost NOI by 48% with over 84% of units left to renovate generating $100 premiums.
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Hidden Park & Quail Pointe (2 properties, 200 units)
Hidden Park
100 Units
320 Spruce Street
Spartanburg, SC  29303
Closed: 3/9/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 100-unit, Hidden Park & the 100-unit, Quail Pointe apartment communities located in Spartanburg, SC. Embedded just outside of downtown Spartanburg Hidden Park & Quail Pointe sits in close proximity to the top employment centers in the Upstate area where large investments have continually been made to expand and strengthen the Upstate job market. With a massive infusion of $1.2 million, and affluent demographics, Hidden Park & Quail Pointe offers the chance to boost NOI by 48% with over 84% of units left to renovate generating $100 premiums.
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Hidden Park & Quail Pointe (2 properties, 200 units)
Quail Pointe
100 Units
460 East Blackstock Road
Spartanburg, SC  29301
Closed: 3/9/2020
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of The Hollows, a 212-unit apartment community located in Columbia, SC. Embedded between Downtown Columbia and one of the largest retail corridors, Harbison Boulevard, The Hollows sits near the top employment centers in the area where multiple large investments have continually been made to expand and strengthen the Metro job market. With large forecasted rent growth, top submarket rankings in growth (5.10%) and concession values in the second quarter of 2019, The Hollows offers the chance to boost NOI by $123,000 with over 42% of unit interiors left to be renovated, bringing them in-line with fully renovated units that are averaging $50-$75 rent premiums.
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The Hollows
212 Units
1300 Longcreek Drive
Columbia, SC  29210
Type: Conventional
Closed: 3/6/2020
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of the 279-unit Nottingham apartment community located in Monroe, NC. Built in 3 Phases (1985, 1995, 2001), this asset offers investors a true value add initiative with all-original units trailing the central submarket by over $300. The property recently renovated a trial unit with vinyl wood flooring and has signed a lease $360 above the effective rental average for this floorplan. With no units under construction and only 262 units proposed, the area offers an opportune time to make significant strides in submarket where population & employment growth continues to thrive. Investors have the opportunity to increase annual NOI by 58% through multiple revenue streams including a market-driven interior upgrade initiative, trash income, water/sewer submetering, and washer/dryer appliance rentals.
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Nottingham
279 Units
2613 Nottingham Lane
Monroe, NC  28110
Type: Conventional
Closed: 2/27/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 144-unit, Walker’s Ridge apartment community located in Gastonia, North Carolina. Built in 1990, the property has experienced a surge in organic rent growth due to a recent +$300,000 capital infusion including a newly renovated clubhouse and high-tech gate entrance. Gaston County has emerged as a location of choice for foreign investments in advanced manufacturing, serving as the key driver for some of the strongest rent gains in the metro. The growing demand of Gastonia paired with muted supply in 2018 poises the property for consistent returns and an opportunity to boost annual NOI by 17.6% through multiple revenue streams including water/sewer submetering and completion of the in-place value add program (23% renovated).
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Walker's Ridge
144 Units
1100 Robinwood Road
Gastonia, NC  28054
Type: Conventional
Closed: 2/27/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 330-unit, Woodland Estates apartment community located in Charlotte, NC. Embedded off of Albemarle Road and Central Avenue Intersection, the property offers unmatched connectivity to all of Charlotte’s retail and employment hubs. Woodland Estates, which planted in the East Charlotte submarket, is branded with high HHI incomes of ~$60,000 and 54% white-collar employment in a 3-mile radius and is primed for growth with a large forecast rent growth of 14% and occupancy levels expected to stay at almost 96%. With a massive capital infusion of $4.2M to renovate unit interiors and enhance curb appeal and amenities, Woodland Estates has witnessed steady financial momentum leaving new ownership the ability to focus solely on completing an in-place value-add program that offers the chance to boost NOI by 44% with 95% of unit interiors left to be renovated to "Dream Unit" status with current Dream Units achieving $250 - $325 premiums.
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Woodland Estates
330 Units
6147 Winged Elm Court
Charlotte, NC  28117
Type: Conventional
Closed: 2/26/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 264-unit, Abbotts Run apartment community located in Wilmington, North Carolina. This asset is positioned in a highly-educated, affluent demographic region between UNCWilmington, The Port of Wilmington, and Wilmington International Airport with immediate access to the Coastal City’s major roadways. Delivered in 2002, Abbotts Run recently received a $3.5 million capital infusion which included common area renovations, a state-of-the-art clubhouse, and unit interior upgrades. Since completion in April 2016, this targeted initiative has proven to see a 38% increase in rental rates. Despite this impressive growth, the market indicates there is an opportunity for a value add 2.0 program as average rental rates trail comparable properties by $280, resulting in a potential to boost annual NOI by 14%.
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Abbotts Run
264 Units
511 Cobblestone Drive
Wilmington, NC  28405
Type: Conventional
Closed: 2/20/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 100-unit, Parkridge apartment community located in Graham, North Carolina. Centrally located between two of the fastest growing markets, Piedmont Triad/Research Triangle, residents are provided convenient access to multiple metros by way of I-40/I-85. Graham is known for its blue collar workforce, although recent additions in the professional and financial service sectors currently outpace national rates and continue to diversify and grow the local economy. Located in the Burlington submarket, Parkridge can expect to see another $100 in organic rent growth along with a 12% increase in HHI by 2023. Built in 1974, this community recently received a capital infusion of over $700,000 in exterior improvements, including all new roofs on the property. Parkridge represents an outstanding opportunity to invest in a premier asset of its vintage with a proven value-add program that is currently achieving premiums of up to $120 over standard units.
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Parkridge
100 Units
1013 Townbranch Road
Graham, NC  27253
Type: Conventional
Closed: 2/20/2020
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of The Flats at Arrowood, a 301-unit apartment community located in Southeast Charlotte, North Carolina. This asset is situated just south of South End, one of the strongest MSA submarkets in the nation. Current ownership has completed a massive capital infusion of $1.85M since March 2018, including the initiation of a majorly successful interior value-add program, seeing premiums up to $200 in effective rent. This unique investment provides investors the opportunity to capitalize on the capital infused over the past year, ability to draft off the South End corridor's rents, as well as very strong operational momentum set to see an NOI boost of 46% with the implementation of other income paths and the completion of the inplace value-add program.
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The Flats at Arrowood
301 Units
8508 Lodge S. Circle
Charlotte, NC  28217
Type: Conventional
Closed: 2/12/2020
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of The Fields Lakeview & The Fields Market Street apartment communities, 380 total units located in Greensboro, NC. Built in 1988, The Fields Lakeview offers a proven value-add program with current effective premiums boasting a $117 surplus, supporting great upside for completion of the interior upgrade initiative. Built in 1986, The Fields Market Street has received a similar upgrade program that is strongly supported by a $138 rental gap in comparison to the central submarket. Both properties are ideally located beside the Piedmont International Airport and between I-73 & I-40, providing connectivity to the area’s top employers and retail. With outstanding demographics and a minimal delivery pipeline, both properties are poised for sustained organic rent growth through a strong submarket that is outpacing the broader metro on nearly all economic metrics.
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Greensboro Value-Add Portfolio (2 properties, 380 units)
The Fields Lakeview
136 Units
101 Meadowood Street
Greensboro, NC  27409
Type: Conventional
Closed: 2/10/2020
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of The Fields Lakeview & The Fields Market Street apartment communities, 380 total units located in Greensboro, NC. Built in 1988, The Fields Lakeview offers a proven value-add program with current effective premiums boasting a $117 surplus, supporting great upside for completion of the interior upgrade initiative. Built in 1986, The Fields Market Street has received a similar upgrade program that is strongly supported by a $138 rental gap in comparison to the central submarket. Both properties are ideally located beside the Piedmont International Airport and between I-73 & I-40, providing connectivity to the area’s top employers and retail. With outstanding demographics and a minimal delivery pipeline, both properties are poised for sustained organic rent growth through a strong submarket that is outpacing the broader metro on nearly all economic metrics.
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Greensboro Value-Add Portfolio (2 properties, 380 units)
The Fields Market Street
244 Units
1 Aspen Drive
Greensboro, NC  27409
Type: Conventional
Closed: 2/10/2020
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of the 160-unit Fiddlers Creek apartment community located in Winston-Salem, North Carolina. Given the proximity to major thoroughfares, residents can enjoy a short commute to downtown Winston-Salem, Hanes Mall and all of the region’s top employment. In addition to locational advantages, the submarket has seen 11% rent growth over the past 3.5 years and has no units proposed through 2021. The asset is sheltered from new competition and is set to continue strong rent growth trends. New ownership is presented with a unique investment opportunity to boost NOI by 62% through a multi-pronged value add approach totaling $355K in new revenue.
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Fiddlers Creek
160 Units
2180 Fiddlers Court
Winston-Salem, NC  27107
Type: Conventional
Closed: 12/31/2019
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of the 95-unit apartment community located in Spartanburg, SC. Embedded just outside of downtown Spartanburg in one of city’s most popular neighborhoods, Village at Willow Lakes sits near the top employment centers in the Upstate area where large investments have continually been made to expand and strengthen the Upstate job market. With affluent demographics boasting $90,000 average HHI and 66% white-collar employment within a 1-Mile radius, Village at Willow Lakes offers the chance to boost NOI by 30% by completing a market driven value-add campaign set to achieve $100 premiums while still maintaining an extensive rent runway to key comparables in the submarket.
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Village at Willow Lakes
95 Units
2900 Reidville Road
Spartanburg, SC  29301
Closed: 12/31/2019
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of the 93-unit Lake Ridge apartment community located in Apex, North Carolina. This affluent suburb outside of Raleigh boasts blue chip demographics that see a resident base of 80% white collar workers bringing home an average household income of over $130K. This unique asset with highly desirable townhome floorplans is walking distance to downtown Apex, and is one of only ten market-rate, garden style properties in Apex - and is the only asset built before 1997. Lake Ridge offers an outstanding value-add opportunity that would see rental premiums of $200, and ultimately see a 45% increase to NOI propped up by an affluent renter base that can support future rent increases.
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Lake Ridge
93 Units
503 West Chatham Square
Apex, NC  27502
Type: Conventional
Closed: 12/23/2019
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