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The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 96-unit Spring Garden apartment community located in Greensboro, NC. This asset is strategically situated 2 miles southwest of downtown Greensboro next to the University of North Carolina at Greensboro. Built in 1991 and 1998, Spring Garden is a student run property primed for significant upside through a modern conversion of the asset’s 4BR-2BA units to highly sought-after 2BR-2BA units. This unit transformation will offer one of the largest 2BR floorplans in the submarket, coupled with high barriers to entry, limited development, and desirable demographics. Furthermore, transitioning to conventional operations will allow for improved efficiencies in leasing, occupancy, and utility reimbursements generating attractive returns for incoming investors.
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Spring Garden (192 Beds)
96 Units | 192 Beds
2119 Spring Garden Street
Greensboro, NC  27403
Type: Student
Closed: 11/23/2021
OM AVAILABLE SOON
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present The Morris at Belmont, a proposed 322-unit apartment community development project located in Belmont, NC. The property will be ideally situated in the burgeoning city of Belmont, which is located only 20 minutes from Uptown Charlotte and has nearby proximity to Charlotte’s U.S. National Whitewater Center, Charlotte Douglas International Airport, and access to key job centers, which includes not only the new 2.5M SF Amazon facility and the Water Ridge Office Park, but also Charlotte’s integral employment nodes. In addition, the property will benefit from the proposed expansion of Charlotte’s LYNX Light Rail, which would be within walking distance of the property, as well as a Greenway Initiative that would deliver with the project, allowing for expanded pedestrian space and greenways in Belmont. The property will represent a best-in-class asset for the Belmont submarket with premier amenities and curated, luxury unit features. The Morris at Belmont offers an outstanding opportunity to invest in a new development opportunity for Class A institutional-quality product in one of Charlotte’s up-and-coming submarkets.
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The Morris at Belmont Equity Raise
322 Units
6900 Wilkinson Boulevard
Belmont, NC  28012
Type: Conventional
Closed: 10/22/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 2002-built, 60-unit Century Oaks on College apartment community located in Greensboro, NC. The asset is situated in burgeoning West Greensboro less than 7 miles from the expanding Piedmont Triad International Airport and in close proximity to a variety of retail options. The plethora of employers located in this submarket have driven submarket fundamentals such as population, household income, and rent growth significantly upward in recent years. The surrounding areas truly mirror the Greensboro economy’s recent shift toward expanding its white-collar workforce through educational attainment and growing financial and tech market sectors. New ownership has the opportunity to boost NOI by nearly 43% by implementing a proven interior renovation program.
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Century Oaks at College
60 Units
337 Guilford College Road
Greensboro, NC  27409
Type: Conventional
Closed: 9/22/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of The Bristol in Greenville, SC. The Bristol is a 258-unit community uniquely located in an affluent neighborhood that boasts impressive demographics of $120,000+ average household income, 75% white collar workers and home values as high as $1.69M in a 1-mile radius. Surrounded by high end retailers, Greenville Country Club, and across the street from Swamp Rabbit Trail (22-mile multi-use greenway), The Bristol offers an unmatched "live-work-play" lifestyle to residents. In addition to nearby amenities, the community provides direct access to 130,000+ jobs including Greenville Memorial Hospital, BMW, Fluor Engineering and TD Bank, all within a 5-mile radius. Built in 1971, The Bristol is an extremely well-maintained community that received a large capital infusion in 2013, stripping the units nearly down to the studs and repositioning the entire property. Lagging Downtown and Class A rents by $400+, new ownership has an opportunity to enhance the community by renovating unit interiors bringing finishes in-line with top of the market competitors to achieve $130-$180 rental premiums.
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The Bristol
258 Units
926 Cleveland Street
Greenville, SC  29601
Closed: 8/31/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 307-unit Villages of Chapel Hill apartment community located in Carrboro, NC. The property rents to a highly educated, affluent submarket with average household incomes of $103K and 74% of renters holding a Bachelor’s Degree or higher within a 3 mile radius. With the largest supply wave already in the rear-view mirror, growing demand of Chapel Hill paired with Carrboro’s limited supply (only 94 units delivered in the last 10 years) poises the property for consistent returns for years to come. Built in 1973/1984, Villages of Chapel Hill offers an outstanding opportunity to invest in a quality asset that has received over $975K in capital expenditures in the past 2 years, providing incoming owners with a strong value-add framework to add Washer/Dryer appliance rentals along with light upgrades to achieve 25% boost to T3 NOI.
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Villages of Chapel Hill
307 Units
1000 Smith Level Road
Carrboro, NC  27510
Type: Conventional
Closed: 8/24/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Blue Ridge Apartments, a 48-unit asset located in Raleigh, North Carolina. Blue Ridge Apartments is a student occupied property adjacent to North Carolina State University, located within 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, new ownership has the opportunity continue student, per-bed operations supported by NC State’s presence or convert to conventional market rate and reduce expenses through operational efficiencies. Built in 2008, the property is showing strong operational momentum and is primed for a value-add initiative that could generate an additional $107K in annual revenue and boost NOI by 26%.
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Blue Ridge Apartments
48 Units | 96 Beds
601 Crimson Cross Court
Raleigh, NC  27606
Type: Student
Closed: 8/20/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 212-unit, 1986-built Huntington Apartments in Morrisville, NC. The property is located in an affluent pocket of the Raleigh-Durham MSA, boasting median household income levels of over $100,000 and home values of $357,000, and is conveniently situated amongst the area’s top employment and retail nodes. The Morrisville submarket has seen 152% population growth over the past twenty years priming the area for projected 12% rent growth through 2023. New ownership has the opportunity to increase annual revenue by $496K through a comprehensive value-add program that will boost NOI 33%.
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Huntington
212 Units
2408 Duck Pond Circle
Morrisville, NC  27560
Type: Conventional
Closed: 8/6/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Woodlands Landing at Echo Farms, a 176-unit, 2020-built Class A community located in the southern portion of Wilmington, NC. The property benefits from an ideal location to varied retail, entertainment options, high-quality schools, top employers, and the largest hospital in Wilmington. Already stabilized after a rapid lease-up period, the property is perfectly positioned to capitalize on organic rent growth while also substantiating the demand for new construction Build-to-Rent Townhome product in the market. In addition, the property’s curated amenities and its location in a strong rent projection submarket present an ideal confluence for rent growth. Woodlands Landing at Echo Farms represents an outstanding opportunity to invest in a newly-built, stabilized Class A asset with $230+ rental headroom.
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Woodlands Landing at Echo Farms
176 Units
3215 Midvale Drive
Wilmington, NC  28412
Closed: 8/2/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 296 unit Berkshire-54 apartment community located in Carrboro, NC. The property rents to a highly educated, affluent submarket with average household incomes of $115K and 74% of renters holding a Bachelor’s Degree or higher within a 3 mile radius. With the largest supply wave already in the rear-view mirror, growing demand of Chapel Hill paired with Carrboro’s limited supply (only 94 units delivered in the last 10 years) poises the property for consistent returns for years to come. Built in 1972/1978, Berkshire-54 offers an outstanding opportunity to invest in a quality asset providing incoming owners with a strong value-add framework to complete interior renovations and generate an additional $366K in annual income culminating in a 22% boost to T12 NOI.
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Berkshire 54
296 Units
112 Highway 54 Bypass
Carrboro, NC  27510
Type: Conventional
Closed: 7/30/2021
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 256-unit, Meriwether Place apartment community located in Durham, NC. Built in 1996/1998, this asset received a capital investment of over $1.7 million in exterior amenities and interior upgrades. The property has completed high-end renovations on 11 trial units, of which are leasing up to $1,300 per month, giving investors the opportunity to capitalize on the remaining 245 units paired with the ability to implement multi-pronged revenue streams. Meriwether Place is situated in a bargain submarket with a diverse workforce ranging from manufacturing to global tech industries, as surrounding submarkets vastly outpace East Durham rental rates but offer equal work commutes to employment hubs. The growing infrastructure of Durham paired with muted supply in the submarket defines Meriwether Place as a strong asset with a positive outlook.
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Meriwether Place
256 Units
4001 Meriwether Drive
Durham, NC  27704
Type: Conventional
Closed: 7/14/2021