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The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Avenue, a 503-unit apartment community located in West Greensboro, North Carolina. With over 21% effective rent growth in 2021, the West Greensboro submarket is ranked #1 for annual effective rent growth, making it an extremely attractive area to invest. The immediate 2.5 mile radius around the asset has dozens of high end stores, restaurants, and entertainment options. Within 1 mile of The Avenue is I-840, which allows for easy connectivity to the plethora of employment drivers that the Triad has to offer. Cone Health, Toyota, Publix, Boom Supersonic, and Amazon have plans to expand in area, contributing to the major economic expansion that the Triad is currently experiencing. Built in 1972, The Avenue represents an outstanding opportunity to complete a proven, in place-value add program and boost NOI by 33%.
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The Avenue
503 Units
5939 W Friendly Ave
Greensboro, NC  27410
Type: Conventional
Closed: 9/29/2022
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
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 is pleased to present the exclusive listing of The Pointe at Irving Park, a 198-unit apartment community located in Greensboro, NC. This asset is in an extremely desirable and rapidly growing pocket of the Greensboro market, where affluent demographics, rising home values, and proximity to the area’s best employment centers contribute to this submarket’s appeal. Last year, area asking rents grew an astonishing 20.4% and are not expected to slow in the near term. Household income in a half-mile radius averaged $118K and home values averaged $313K, illustrating the strong economy and solid renter base that characterizes this area. The surrounding thoroughfares Pisgah Church Rd, North Elm Rd, and Cone Blvd allow residents of The Point at Irving Park to easily access the plethora of nearby retail options. Furthermore, the I-840 Urban loop is located just 1 mile away from the property and provides connectivity to the Triad region’s largest employers. Toyota, Publix, Cone Health, Amazon, and Guerrilla RF INC have made plans to expand to the area, fueling the recent economic expansion the Triad is currently experiencing. Built in 1987, The Pointe at Irving Park offers an outstanding opportunity to acquire an institutionally owned asset and inherit a proven, multifaceted value-add program to achieve a 38% ROI.
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The Pointe at Irving Park
198 Units
3100 North Elm Street
Greensboro, NC  27408
Type: Conventional
Closed: 8/12/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 76-unit Northlake Townhomes apartment community located in Charleston, SC. This asset is situated in the highly sought-after North Charleston submarket which is widely known for its favorable multifamily characteristics. Northlake Townhomes’ proximate location provides residents direct access to 4 of the area’s largest economic drivers within 5 miles including the Charleston International Airport, Boeing, Joint Base Charleston, and Bosch Automotive, boasting 107k+ jobs within a 20-minute drive. The immediate area surrounding the property boasts high average household incomes ($74k), a majority white collar population (60%), and an educated talent pool as 30% have obtained a bachelor’s degree or higher. Built in 1984, Northlake Townhomes arrives to market 95% occupied with the biggest floorplans of any competitor (1,266 avg. SF), along with extreme upside potential for a value-add 2.0 campaign to capture premiums north of $270 and bridge the rental gap between top market competitors.
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Northlake Townhomes
76 Units
4135 Bonaparte Drive
North Charleston, SC  29418
Closed: 7/26/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 148-unit Granby Oaks apartment community located in bustling Columbia, SC. This asset is ideally situated near the 47-mile-long Congaree River and just a mile from downtown Columbia, providing residents easy access to the area’s foremost employment centers as well as many recreational activities. Granby Oaks’ exceptional location boasts impressive projected rent growth (21%), a majority white-collar workforce (58%), and a strong renter occupied population (67%). Located in a sought-after pocket of Lexington County, the property is surrounded by an abundance of entertainment options including the Parkland Plaza, an outdoor amphitheater, riverside activities, and the Cayce Riverwalk. Meticulously maintained during the course of ownership’s 30-year hold, Granby Oaks arrives to market a clean slate for investors to complete Class-A renovations on all units and push rents $275, aligning the asset with top submarket competitors.
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Granby Oaks
148 Units
800 State Street
West Columbia, SC  29169
Type: Conventional
Closed: 7/13/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of 44 -unit, Willow Bend apartment community located in Durham, NC. This asset is situated in the rapidly-expanding area of Southwest Durham, an integral part of the Research Triangle which is home to over 300 companies employing more than 50,000 workers. Willow Bend is just one mile away from Downtown Durham, one and a half miles away from Duke University, and two miles away from the new Google Office. There are also three shopping centers within a 3-mile radius of the property. Built in 1993, Willow Bend offers an outstanding opportunity to invest in the thriving area, while also providing the prospect to complete an in-place value-add program that can generate an additional $53k in revenue and improve NOI by 16%.
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Willow Bend
44 Units
1718 Palmer Street
Durham, NC  27707
Type: Conventional
Closed: 7/8/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 50-unit Sycamore Apartment Homes apartment community located in Fayetteville, NC. This asset is situated in by the region’s prominent thoroughfares, which provide residents convenient access to the plethora of retail in the immediate area as well as the largest employers in the area, including Fort Bragg. Sycamore Apartment Homes offers investors the opportunity to invest in a strong performing asset with a proven value-add that is asking $150 rent premiums proven over classic units. With a limited delivery pipeline and vacancy hovering around record lows of 3.3%, the asset is primed to capitalize on this strong submarket that has achieved 11.9% rent growth YoY.
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Sycamore Apartment Homes
50 Units
813 Carol Street
Fayetteville, NC  28303
Closed: 6/29/2022
The Cushman & Wakefield Sunbelt 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. Located just south of South End, one of the strongest MSA submarkets in the nation, the asset benefits from an increasingly affluent tenant base characterized by soaring HHI (94k+) and growing renter population (55%). A dwindling supply pipeline and skyrocketing population bolster submarket fundamentals, providing confidence the area can achieve significant rent growth (30% by 2026). This unique investment provides investors the opportunity to capitalize on the property’s strong operational momentum, with potential to boost NOI by $830k+ through completion of a proven value-add initiative capable of achieving up to $325 premiums.
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The Flats at Arrowood
301 Units
8508 Lodge S. Circle
Charlotte, NC  28217
Type: Conventional
Closed: 6/28/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 166-unit Westgrove Towers apartment community located in Raleigh, North Carolina. Westgrove Towers is a fractured condo property that is located in one of the strongest performing MSAs in the country over the past several years. Centered in the West Raleigh submarket with growing demand and limited supply, Westgrove Towers offers several unique opportunities to reduce expenses, push rents, and potentially increase density at the site. Built in 1986, the property is showing strong operational momentum and is primed for a value-add initiative that could generate an impressive 50% boost to NOI.
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Westgrove Tower
166 Units
4700 Westgrove Street
Raleigh, NC  27606
Closed: 6/8/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 137-unit Bramar Gardens apartment community located in Charlotte, NC. Built in 1968, the property is poised to benefit from the area’s limited pipeline and consistent demand. Increased population, rising income, and skyrocketing home values bolster the area’s strong fundamentals, providing confidence impressive growth trends will continue. Just off I-85, the property provides residents direct access to popular retail and entertainment as well as the city’s largest employment hubs, University City and Uptown. With nearby competitors providing substantial rent headroom, Bramar Gardens offers incoming ownership the opportunity to boost annual NOI by more than $416,000 through execution of a market-supported value-add platform.
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Bramar Gardens
137 Units
3100 Southwest Blvd
Charlotte, NC  28216
Type: Conventional
Closed: 5/27/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 36-unit Anson Apartment community located in Winston-Salem, North Carolina. The asset is strategically positioned alongside the area’s major thoroughfares that connect the MSA’s multiple, major higher-ed institutions and economic drivers. Attractive demographic trends paired with 22% home value growth and 15% rent growth over the past year has brought attention to Winston-Salem as the Triad prepares for a major economic boom. National General Insurance, and the recently announced Toyota Battery Manufacturing plant are two projects that are intended to bring over 4,000 jobs to the area once completed. With industries expanding, Winston-Salem will continue to grow as the unemployment rate dwindles and population continues to increase. Anson Apartments offers an outstanding opportunity to invest in an asset that has been newly renovated, as previous ownership has completed an impressive $1.2 million multifaceted renovation project. Incoming ownership can restructure utilities to earn an additional 4% boost to NOI.
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Anson Apartments
36 Units
604-612 Anson Street
Winston Salem, NC  27103
Type: Conventional
Closed: 5/19/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 22-acre, Reserve at Battery Creek Land site located in the rapidly-expanding Beaufort, SC. With the potential to build medium density residential in an unmatched location, future residents will consider this site as an opportunity to enjoy waterfront views of Battery Creek with dock access at a discount to home ownership. The Hilton Head-Bluffton-Beaufort market is seen as an attractive destination for residents fleeing larger U.S. cities with dense infrastructures, migrating towards coastal markets. These trends, which were only amplified by the pandemic, explain the market’s population surge of 58% since 2000, all while experiencing consistently strong rent growth. The property has a dock permit with a total of 192 feet of boat mooring length, making this the only multifamily site in Beaufort County that is approved for a boat dock on deep water. With site plans and permits approved, along with resubmission plans nearing the finish line, The Reserve at Battery Creek Land site offers developers a chance to takeover an opportunity with much of the heavy lifting out of the way.
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Reserve at Battery Creek Land
22 Acres
45 Belleview Bluff
Beaufort, SC  29902
Type: Land
Closed: 5/4/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the Mock Judson Mill, a Historic Rehabilitation project in Greensboro, NC. The building has been vacant since 1997 and was placed on the National Register of Historic Places in 2011. The proposed project will consist of 173 units with diverse floorplans, high end finishes, and a multitude of excellent community amenities. Mock Judson Mill is located in a top submarket projected to see 4.4% YoY rent growth through 2025. Furthermore, incoming ownership can capitalize on the North Carolina State Mill Rehabilitation Tax Credits which brings in state and municipal support to execute the project.
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Mock Judson Mill
173 Units
2610 Oakland Avenue
Greensboro, NC  27403
Closed: 4/20/2022
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 200-unit North Oaks Landing apartment community located in Raleigh, NC. This asset is situated in the rapidly-expanding North Hills area, a submarket transitioning into a new employment hub as Advanced Auto Parts leads the way with a new HQ only a mile from the property. Outstanding demographic trends paired with a 22% home value growth over the past 12 months have brought national investor recognition to the area as urban development materializes. The community is primed for a market supported value-add initiative targeting unit interior upgrades, with potential to increase NOI by 32%. North Oaks Landing is a strong asset situated in a market with an advantageous rent forecast, low unemployment rate, wealthy workforce, and growing population.
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North Oaks Landing
200 Units
2038 Quail Forest Drive
Raleigh, NC  27609
Type: Conventional
Closed: 2/18/2022