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The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Pines of Wilmington, a 233-unit apartment community in Wilmington, NC. Bolstered by recent capital improvements and robust operational momentum, The Pines of Wilmington offers investors a potential 38% boost to annual NOI through completion of an underway, proven value-add program. The asset is firmly cemented in a strong apartment market that is primed to benefit from development expansion moving southward. Furthermore, The Pines of Wilmington is near the principal economic drivers and premier retail nodes of Wilmington – an MSA characterized by rapid population growth, an expanding employment nucleus, and attractive demographics.
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The Pines of Wilmington
233 Units
1002 Mayflower Drive
Wilmington, NC  28412
Type: Conventional
Closed: 3/11/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 236-unit Osprey Cove North apartment community located in Jacksonville, NC. The asset is strategically located two miles from Jacksonville’s 2nd largest employer, Air Station New River (18,100 jobs). The property has received a capital infusion of $1.17M over the past 3 years, prepping the community for a proven value-add initiative that could potentially boost the trailing 2-month NOI by 11%. With 28 new deliveries since 2014 and nearly zero deliveries projected through 2023, the lack of a development pipeline will continue to drive rent increases as Jacksonville’s low-risk, stable economy.
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Osprey Cove North
236 Units
118 Broadhusrt Rd
Jacksonville, NC  28540
Type: Conventional
Closed: 3/4/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 8.83 acre Southpark Boulevard Land site located in Winston-Salem, NC. As part of a Master Planned Community called Heritage Park, the land is approved for 172 apartments, is mass graded, has utilities located on site, and is currently listed at $950,000. The property is located in South Winston-Salem, the submarket leader in annual rent growth and occupancy in 2019. The property is situated along the Peters Creek Parkway Growth Corridor, a targeted initiative recently approved by the City Council, that has already seen momentum build indicated by rising property values. This site offers investors a unique opportunity to invest in a growing Winston-Salem market which boasts low unemployment, trivial delivery pipeline, and a majority white-collar workforce.
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Southpark Boulevard Land
8.83 Acres
0 Grand Silo Way
Winston-Salem, NC  27127
Type: Land
Closed: 3/1/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 66-unit 2200 Midtown apartment community located in Greensboro, NC. This asset is firmly situated in a top performing submarket of the Triad with strong fundamentals and outstanding demographics, outpacing the broader metro on nearly all indicators. Built in 1965, 2200 Midtown offers a 77% completed value add program that is commanding solid premiums of over units leasing with standard features. As submarket household incomes approach $90K+ paired with a muted delivery pipeline, the market indicates support for higher-end finishes as Greensboro shifts its focus to target a white-collar workforce through educational attainment. Investors have the opportunity to increase annual income by $48K by pushing rents to achieve market supported premiums in a top Triad submarket for rent growth.
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2200 Midtown
66 Units
2200 Cornwallis Drive, West
Greensboro, NC  27408
Type: Conventional
Closed: 2/23/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Park at Village Oaks, 124-unit apartment community located in growing Leland, NC. Built in 2007, this property has carried out an extensive interior upgrade initiative, providing investors with a quality, competitive asset at a discount to replacement cost. With the heavy lifting out of the way, investors will have the opportunity to shift their focus to implement additional revenue streams, offering a potential 9% boost to annual NOI. Located only 4 miles from a booming downtown Wilmington, The Park at Village Oaks is perfectly situated to experience all Wilmington has to offer. In addition to the locational benefits of the Wilmington MSA, the site is in the heart of Leland’s Gateway District – an area the town has prioritized for immediate infill redevelopment.
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The Park at Village Oaks
124 Units
136 Parsley Lane
Leland, NC  28451
Closed: 2/23/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 224-unit Gleneagle apartment community located in Columbia, SC. This asset is situated in the capital city of South Carolina boasting strong submarket fundamentals including 15% projected rent growth and 13% average household income growth through 2025. Having changed between multiple management companies, current management operations are sound and trending in the right direction. Built in 1973, Gleneagle represents an outstanding opportunity to invest in a property that comes to market with a proven value-add plan set in-place by current ownership leaving 164 units (73%) to be renovated and command premiums of $125.
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Gleneagle
216 Units
601 St. Andrews Road
Columbia, SC  29210
Type: Conventional
Closed: 2/1/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 112-unit Bellevue Mill Apartments located in Hillsborough, NC. The asset offers a unique opportunity to acquire the Managing Membership interest in a recently restored cotton mill apartment community completed through Historic Tax Credits. Listed on the National Register of Historic Places, Bellevue Mill is strategically located in a highly educated and high income market within the Triangle MSA. With $18.5M completed in construction and renovation costs, new ownership will be able to capitalize on a solid foundation established through a successful lease up in a supply constrained market with high barriers to entry. With an exceptional location and positive supply-demand dynamics in the Hillsborough/Chapel Hill multifamily market, Bellevue Mill is an attractive investment opportunity that will continue to enjoy organic rent growth as market fundamentals normalize.
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Bellevue Mill
112 Units
206 South Nash Street
Hillsborough, NC  27278
Type: Conventional
Closed: 1/15/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Sterling Magnolia, an irreplaceable core-plus value-add opportunity located in the exclusive submarket of Myers Park. The immediate area is defined by blue-chip demographics ($146,000 Average Household Income), luxurious homes ($536,000 Median Home Value) and proximity to Charlotte’s premier employment hubs, Uptown and Southpark, offering 150K jobs within a 10-minute drive of the property. The 174-unit, 2004-built asset features both garden and urban attributes, condo sized floorplans (1,121 average SF) and is situated in a submarket composed of Charlotte’s most affluent residents, offering investors a unique framework to complete a high-end value-add and close the $0.33 PSF rent delta to submarket competitors.
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Sterling Magnolia
174 Units
3720 Wendwood Lane
Charlotte, NC  28211
Type: Conventional
Closed: 12/29/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the East Charlotte 728 Portfolio consisting of Delta Crossing, The Avalon, and The Kelston apartment communities. The assets are situated adjacent to the 78-acre mixed-use Eastland Mall redevelopment, which is anchored by the Headquarters of Charlotte’s new Major League Soccer team. Convenient location to a desirable thoroughfare provides access to 250,000 jobs within a 15-minute drive, as well as the most popular entertainment hubs throughout the city. Strong demographic trends show a 14% increase to average household incomes over the next 5 years that will support continued rent growth. The East Charlotte 728 Portfolio represents an outstanding opportunity to realize rental premiums of up to $200 which nearby competitive properties are currently achieving in this rapidly transforming submarket.
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The Avalon
240 Units
6000 Regal Estates Drive
Charlotte, NC  28212
Type: Conventional
Closed: 12/23/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 344-unit Harbor Pointe apartment community located Mount Pleasant, South Carolina. This generationally located asset is situated in the highly sought-after Charleston submarket of Mount Pleasant offering direct access to downtown Charleston, walkability to a plethora of retail, dining, and entertainment options, as well as access to the major economic drivers of Charleston. Built in 1987, Harbor Pointe offers an incredible opportunity to infuse the 32-acre property with capital to push rents over $300 and establish market presence in a top southeast location presenting high barriers to entry and untapped future potential.
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Harbor Pointe
344 Units
331 Harbor Pointe Drive
Mt. Pleasant, SC  29464
Type: Conventional
Closed: 12/18/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive offering of Riverside Flats at Aberfoyle Village, a 102-unit, 2019-built community situated along the Catawba River in the burgeoning Charlotte suburb of Belmont. The property enjoys one of the most unique locations across the Charlotte metro, located minutes from the Charlotte-Douglas International Airport, with immediate access to I-85 and Highway 74 that provide direct access to Uptown Charlotte (135,000+ jobs). The immediate area is positioned along a path of progress in Belmont, a suburb defined by high incomes, impressive schools, and unparalleled quality of life. The historically underserved submarket has witness outsized multifamily rent growth in recent years and is projecting 18% growth through 2025, while occupancy levels remain at market leading levels. Bolstered by strong submarket fundamentals and recent operational momentum, new ownership has the opportunity to bridge a $200+ rent delta to submarket leaders through proven 2nd generation leasing momentum that has already captured $100 rent increases on select floorplans.
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Riverside Flats at Aberfoyle Village
102 Units
1200 River Dr
Belmont, NC  28012
Type: Conventional
Closed: 12/11/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the East Charlotte 728 Portfolio consisting of Delta Crossing, The Avalon, and The Kelston apartment communities. The assets are situated adjacent to the 78-acre mixed-use Eastland Mall redevelopment, which is anchored by the Headquarters of Charlotte’s new Major League Soccer team. Convenient location to a desirable thoroughfare provides access to 250,000 jobs within a 15-minute drive, as well as the most popular entertainment hubs throughout the city. Strong demographic trends show a 14% increase to average household incomes over the next 5 years that will support continued rent growth. The East Charlotte 728 Portfolio represents an outstanding opportunity to realize rental premiums of up to $200 which nearby competitive properties are currently achieving in this rapidly transforming submarket.
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The Kelston
310 Units
1207 Kelston Place
Charlotte, NC  28212
Type: Conventional
Closed: 12/10/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the East Charlotte 728 Portfolio consisting of Delta Crossing, The Avalon, and The Kelston apartment communities. The assets are situated adjacent to the 78-acre mixed-use Eastland Mall redevelopment, which is anchored by the Headquarters of Charlotte’s new Major League Soccer team. Convenient location to a desirable thoroughfare provides access to 250,000 jobs within a 15-minute drive, as well as the most popular entertainment hubs throughout the city. Strong demographic trends show a 14% increase to average household incomes over the next 5 years that will support continued rent growth. The East Charlotte 728 Portfolio represents an outstanding opportunity to realize rental premiums of up to $200 which nearby competitive properties are currently achieving in this rapidly transforming submarket.
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Delta Crossing
178 Units
6000 Delta Crossing Lane
Charlotte, NC  28212
Type: Conventional
Closed: 11/10/2020
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 233-unit, 1970-built Margate on Cone apartments located in Greensboro, NC. The property offers an outstanding opportunity to invest in a solid performing asset within the economic powerhouse of the Piedmont Triad MSA. The immediate area surrounding Margate on Cone is experiencing a significant amount of spill-over from the city’s most affluent districts, creating a path of growth and development that will help facilitate value enhancement at the property. With all but thirty-four (34) units on the property remaining untouched and rents currently trailing the submarket average by more than $100, new ownership will have the opportunity to capitalize on a two-prong, market supported value-add program through implementing an interior upgrade initiative and implementing utility reimbursements.
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Margate on Cone
233 Units
900 East Cone Boulevard
Greensboro, NC  27405
Type: Conventional
Closed: 11/10/2020