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The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of the 204-unit Copus 1 Indian Trail apartment community in the exploding Charlotte, NC suburb of Indian Trail. Built in 2017, and one of only two properties within three miles delivered after 2000, Copus 1 Indian Trail is the premier asset in the underserved Union County submarket. Recently stabilizing in Feb-2018 after an impressive one-year lease-up, the property offers immediate organic upside within a competitive environment that is insulated from future supply and boasts a high rent growth ceiling. In addition, Copus 1 Indian Trail is supremely positioned in the desirable town of Indian Trail - a region defined by affluence, dominant white collar employment, and exponential population and job growth.
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Copus 1 Indian Trail
204 Units
1021 Glenn Valley Lane
Indian Trail, NC  28079
Type: Conventional
Closed: 11/15/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of St. Andrews Reserve - a 390-unit apartment community in Wilmington, NC constructed in two phases (1999 / 2003). Bolstered by recent capital improvements and robust operational momentum, St. Andrews Reserve offers investors a potential +18% boost to annual NOI through completion of an in-process, proven value-add program. The asset is firmly cemented in the metro’s highest rent growth submarket that is primed to benefit from development expansion moving southward. In addition, St. Andrews Reserve is in close proximity to the premier retail nodes and principal economic drivers of Wilmington - a MSA characterized by rapid population growth, an expanding employment nucleus, and attractive demographics.
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St. Andrews Reserve
390 Units
814 St. Andrews Drive
Wilmington, NC  28412
Type: Conventional
Closed: 10/31/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of The Reserve at Magnolia Ridge, a 360-unit apartment community in Cary, NC less than 3 miles from Cary’s first Wegmans scheduled to deliver in 2020. Built in 1984, and bolstered by a recent $2.1 million capital infusion, the property offers new ownership significant income upside from completion of a proven unit interior renovation program, and potential for a market-supported second phase of upgrades to push rents. Firmly cemented in a solid demographic region (3.1% unemployment within one mile), the property offers seamless connectivity to Raleigh-Durham’s largest job centers by way of I-40 / US-64. Residents enjoy superior access to Cary’s premier retail outlets - Crossroads Plaza (681,067 SF) and Cary Towne Center (910,200 SF).
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The Reserve at Magnolia Ridge
360 Units
101 Harlon Drive
Cary, NC  27511
Type: Conventional
Closed: 10/25/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of the 144-unit Salem Crest apartment community located in Winston-Salem, NC. Built in 1995, the property (which is sanctioned under the Section 42 Affordability Program) has recently received nearly $550,000 in capital improvements and demonstrated favorable operational momentum in the trailing 90 days. Drafting off of this positive trend, the asset provides an opportunity for a 12% boost to annual NOI through capture of the current rent gap between lease rent and the 60% AMI limits. Located adjacent to I-40, Salem Crest residents enjoy seamless access to the premier retail and major employers of Winston-Salem - a metro defined by continued population growth and a dwindling unemployment rate.
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Salem Crest
144 Units
105 Brent View Court
Winston-Salem, NC  27103
Type: LIHTC
Closed: 10/17/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of the 305-unit The Lively at Carolina Forest apartment community located in Myrtle Beach, SC. Featuring awe-inspiring curb appeal, top-of-the-line interiors and a market leading amenity package, The Lively at Carolina Forest is truly the premier multifamily asset in Myrtle Beach. Located in the self-sustaining planned community of Carolina Forest, the property offers an unmatched quality of life and is in close proximity to Myrtle Beach’s most coveted retail and entertainment destinations. Nearing completion of a rapid concession-free lease-up, the property offers exciting loss-to-lease upside of over $248,000 as 2nd generation leases are brought to market levels. With metro job growth expected to outpace new deliveries by 20:1 through 2021, The Lively at Carolina Forest is uniquely positioned to capitalize on long-term favorable fundamentals.
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Lively at Carolina Forest
305 Units
107 Village Center Boulevard
Myrtle Beach, SC  29579
Type: Conventional
Closed: 10/3/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of the 464-unit Columbia Portfolio, consisting of 240-unit Peachtree Place and 224-unit St. Andrews apartment communities in Columbia, SC. Built in 1971 and 1974, Peachtree Place and St. Andrews are located in a highly accessible location providing convenient access to downtown Columbia and the area’s largest employers. The assets are also barbelled by Downtown Columbia and the Harbison Boulevard area, resulting in seamless accessibility to Columbia’s premier retail nodes. In addition, the properties are uniquely positioned to realize tremendous benefits of an expanded, and submarket-proven, value-add initiative with potential to boost combined NOI by 43%.
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St. Andrews
224 Units
601 St. Andrews Road
Columbia, SC  29210
Type: Conventional
Closed: 9/28/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of the 97-unit Beaucatcher Flats apartment community located in the white hot market of Asheville, NC. Serving as Urban Asheville’s premier upscale multifamily community, Beaucatcher Flats is located less than one mile from Downtown Asheville, and within walking distance to Western Carolina’s largest employer, Mission Health (12,000 total employees). The property is also situated at one of Asheville’s highest elevation points providing picturesque mountain views. Nearing completion of the initial lease-up, Beaucatcher Flats will deliver concession-free with the ability to push rents on 2nd generation leases and grow ancillary income from multiple sources.
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Beaucatcher Flats
97 Units
128 Florence Street
Asheville, NC  28801
Closed: 9/21/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present Briarwood, a 274-unit 1970 (renovated in 1996)-built apartment community in Fayetteville, NC. The property has two entrances on Owen Drive, a major thoroughfare with more than 950 feet of frontage leading up to the highly trafficked intersection of Owen Drive and Boone Trail (43,000 VPD). Briarwood is an attractive, low maintenance property - boasting all brick exteriors and pitched roofs - that has been owned by current ownership for over 18 years and has maintained impressive occupancy levels averaging 95% since January-2015. Additionally, only 7% of the current residents are military. Strong operations coupled with a recent capital infusion of over $1.023M offer incoming investors the unique opportunity to acquire a quality asset with 40% NOI growth potential through a comprehensive interior upgrade program. The property is being offered on an all-cash basis or as a loan assumption with a below market interest rate
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Briarwood (Confidential)
274 Units
29 Briar Circle
Fayetteville, NC  28306
Closed: 8/24/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present Cross Creek Cove, a 265-unit 1984 / 1994-built apartment community in Fayetteville, NC. Strategically located along the highly popular Skibo Road corridor in west Fayetteville, the property is conveniently situated in close proximity to the city’s premiere retail nodes and top economic catalysts. Cross Creek Cove is a quality asset with low maintenance, attractive brick exteriors that has received a combined capital infusion of more than $859,000 and is being offered at a discount to replacement by its current owner, who has owned the asset for 19 years. This coupled with strong operations - the property has maintained an average occupancy level of 94% since January-2015 - and a low concentration of military tenants, currently 20%, offers incoming investors the unique opportunity to acquire a quality asset with 30% NOI growth potential through a comprehensive interior upgrade program. The property is being offered on an all-cash basis or as a loan assumption with a below market interest rate.
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Cross Creek Cove (Confidential)
265 Units
855 King Arthur Drive
Fayetteville, NC  28314
Type: Conventional
Closed: 8/24/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of the 272-unit, 1990-built Park at Boulder Creek apartments in Columbia, SC. Located at the confluence of Richland and Lexington Counties, the property offers ease of transit to the area’s economic catalysts and seamless accessibility to the most premier retail nodes of the greater Columbia MSA. A recent capital infusion of $3 million offers investors an ideal launch-pad for a two-prong value-add approach. In addition to $100 rental premiums through the in-place upgrade package, incoming ownership will be able to focus on bridging the gap between the property’s rents and rents currently achieved in the surrounding submarkets. The combined value-add initiatives will ultimately result in impactful NOI growth potential of 45%
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Park at Boulder Creek
272 Units
1000 Bentley Court
Columbia, SC  29210
Type: Conventional
Closed: 7/27/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of Fountains at Mooresville Town Square - a 227-unit, 2012-built institutional quality asset with market-supported upside. Embedded within the Mooresville Town Square lifestyle center, residents of Fountains enjoy a walkable mixed-use community offering everything from necessities to nightlife. Home to global corporations and commonly referred to as "Race City USA", Mooresville is well known for its dense collection of 60+ race teams and motorsports suppliers of NASCAR. With rapid population growth, an affluent resident pool and a diminished supply pipeline, Fountains is uniquely positioned to capitalize on a tightening rental market. In addition, the property offers market-supported value-add with expected $120 premiums - representing a potential to boost income by 18%.
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Fountains at Mooresville Town Square
227 Units
170 Mooresville Commons Way
Mooresville, NC  28117
Type: Conventional
Closed: 7/18/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of the 152-unit, 1967-built Grandeagle apartments in Greenville, SC. The property is located within the Upstate’s “Industry Triangle” that plays home to 8 of the city’s 10 largest employers and 50,000 jobs. Grandeagle offers residents walking distance dining options and seamless access to the area’s premier retail destinations given its proximity to Interstate-385. A recent capital infusion of more than $850k offers investors an ideal launch-pad for unit interior upgrades to escalate income. New ownership will be uniquely positioned to select from multiple go-forward value-add strategies – completing the current platform achieving $135 premiums, or pivoting to a market-supported “Value-Add 2.0” with impactful NOI growth potential of 66%.
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Grandeagle
152 Units
50 Glenwood Road
Greenville, SC  29615
Type: Conventional
Closed: 7/12/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of Forest Edge Townhomes, a 134-unit townhome community in Raleigh, NC. Built in 1986 and recently renovated, the property is positioned in a rapidly expanding MSA - projected to post 19% population growth through 2022. The property’s submarket boasts impressive schools and economic fundamentals as rent growth and occupancy are expected to outpace the broader metro. Residents enjoy seamless access to top employment and retail centers as the asset is barbelled by Garner, NC and the booming Downtown Raleigh. Given the over $1.2 million of CapEx recently completed, investors have the chance to obtain a clean, all-townhome property with the prospect to boost NOI +12% through completion of a well-established value-add program.
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Forest Edge Townhomes
134 Units
2920 Boone Trail
Raleigh, NC  27610
Type: Conventional
Closed: 6/29/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of the 320-unit, 1985-built Emerald Forest apartments in Durham, NC. The property is located next door to the Research Triangle Park that plays home to over 200 companies employing more than 50,000 workers. Emerald Forest offers residents seamless access to the area’s premier dining and shopping destinations by way of Highway 54. A recent capital infusion of almost $3 million offers investors an ideal launch-pad for unit interior upgrades to escalate income. New ownership will be uniquely positioned to select from multiple go-forward value-add strategies - completing the current platform achieving $115 premiums, or pivoting to a market-supported "Value-Add 2.0" with impactful NOI growth potential of 46%.
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Emerald Forest
320 Units
4512 Emerald Forest Drive
Durham, NC  27713
Type: Conventional
Closed: 6/12/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of 1420 Magnolia – an irreplaceable core-plus value-add opportunity immersed in the heart of in-town living. The 204-unit, 1999-built asset is positioned in the epicenter of Montford Park, Charlotte’s next core micro market exploding with new commercial development and characterized by blue chip demographics ($102,439 avg. HHI’s), high-end homes ($403,700 MHV) and Charlotte’s premier employment hubs with 190,000+ jobs within a 15-minute drive. Featuring both garden and urban attributes, the asset offers a truly unique framework primed for immediate value-add in an area that’s witnessed $300 value-add premiums.
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1420 Magnolia
204 Units
1420 Estates Avenue
Charlotte, NC  28209
Type: Conventional
Closed: 5/24/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is excited to present the exclusive listing of The Fields Archdale Station, a 243-unit, 1969-built apartment community in Charlotte, NC. The property is conveniently located in a sought after South Charlotte neighborhood that is situated along the light-rail, offering tenant’s unparalleled connectivity. The Fields Archdale Station is a recent recipient of a $1.2 Million CapEx infusion that includes extensive exterior work and amenity renovations, allowing incoming investors to focus on the existing interior upgrade initiative. Current ownership has upgraded twenty-eight units for which they are achieving monthly rental premiums of up to $114. This coupled with the organic rent growth the submarket is currently experiencing gives incoming investors the unique opportunity to boost annual NOI by more than 25%
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The Fields Archdale Station
243 Units
6614 Wisteria Drive
Charlotte, NC  28210
Type: Conventional
Closed: 5/7/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of The Enclave at Rivergate - a 216-unit, 2009-built core-plus opportunity immersed in the rapidly growing Charlotte, NC suburb of Steele Creek. The affluent ($86,638 avg. HHI) and rapidly growing area has swelled 24% since 2010 and is expected to grow an additional 22% through 2022 as incomes are expected to grow by 14% ($98,700). The well-constructed asset boasts the largest average unit size in the submarket (25% larger on average) and is ideally positioned for a multi-layered value-add program yielding a 23% increase in annual NOI. The property is ideally situated in a thriving submarket with the lowest concession level in the MSA, favorable supply/demand dynamics and a submarket-supported rent growth runway of $148 - $296.
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The Enclave at Rivergate
216 Units
12400 Toscana Way
Charlotte, NC  28273
Type: Conventional
Closed: 4/24/2018
The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of Myrtle Landing, a 144-unit townhome community in Wilmington, NC. Newly constructed in 2017, the asset is firmly cemented along the path of development in South Wilmington and offers the only low-density, condo-grade townhome community in the MSA. Myrtle Landing is primed to benefit from both pent-up organic rent surges and a market-supported rent runway, offering the unique opportunity to acquire a Class-A asset with substantial rent growth potential. In addition, the property offers investors a legitimate condo conversion exit strategy in a market with exploding population, striking demographics, and a high concentration of wealthy retirees.
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Myrtle Landing
144 Units
7220 Myrtle Grove Road
Wilmington, NC  28409
Type: Conventional
Closed: 3/23/2018