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The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 110-unit Bellingham Park condominium community located in Wilmington, NC, the 3rd fastest growing city in the state. The offering is for 110 units out of the total 284-unit Bellingham Park community. Built in 2006/2012, Bellingham Park is a strong performing asset with excellent occupancy and rent growth trends. Wilmington is experiencing significant population growth due to in-migration accelerated by the pandemic, as remote workers love the affordable beach lifestyle and beautiful scenery that the North Carolina coast has to offer. Impressive leasing trends are expected to continue with Wilmington ranking top 20 city in the United States for in-bound population growth in 2020 contributing to the impressive 8.5% rent growth in the market over the past year. Incoming investors can capitalize on strong market fundamentals by completing the in-place value-add program that will generate $111K in annual revenue yielding a 14.5% boost to NOI.
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Under Contract
Bellingham Park
110 Units
1522 Cadfel Court
Wilmington, NC  28412
Type: Conventional
Posted: 6/16/2021
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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Under Contract
Pine Crest
464 Units
1920 McMillan Ave
North Charleston, SC  29405
Type: Conventional
Posted: 1/26/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of 2006-built, 600-unit The Residences at Greenville apartment community located in Greenville, NC. Originally all student run, the property is transitioning to conventional, market-rate operations. The Residences at Greenville is strategically situated between Greenville’s top economic drivers in East Carolina University, PGV airport, Vidant Medical Centre, and an expanding manufacturing district all of which are attracting a growing renter base and fueling HHI growth. The Residences at Greenville offers massive lease-up upside as well as a value-add initiative to push rents $50-$150 and boost NOI by 29%. With limited deliveries scheduled in the area, The Residences at Greenville is poised to for strong performance in a stout location and sound market fundamentals for years to come.
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Under LOI
The Residences at Greenville
600 Units | 1,692 Beds
3800 Bostic Drive
Greenville, NC  27834
Type: Student
Posted: 9/21/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 112-unit, 254-bed University Landing student housing apartment community located in Greensboro, NC. This property, strategically located less than two miles east of downtown Greensboro, is walking distance to nearby Bennett College and University of North Carolina A&T, home to over 12,000 students. This purpose-built student housing asset was delivered in two phases: Phase 1 in 2009 with 52 units, 134 beds and Phase 2 in 2021 comprised of 60 units, 120 beds. The asset is 100% leased in a market with 20% projected rent growth through 2026 indicating strong demand for quality housing and ideal floorplans as students return to campus.
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University Landing
112 Units | 254 Beds
1600 East Washington Street
Greensboro, NC  27401
Type: Student
Posted: 8/11/2021