220-Unit Riverstone Sells for $125,000 Per Unit
Cushman & Wakefield’s Southeast Multifamily Advisory Group has arranged the $27.5 million sale of Riverstone, a 220-unit apartment community located in Macon, Georgia. Robert Stickel of Cushman & Wakefield represented the seller, H Katz Capital Group, Inc. in the transaction. Kole Management Company acquired the property.
“Riverstone is a top-tier asset with an outstanding amenity package and convenient access to premier job centers throughout central Georgia,” Stickel said.
The property, built in 2012, is located at the crossroads of interstates 75 and 16, less than a mile from the city’s premier lifestyle center, The Shoppes at River Crossing. Riverstone is 95 percent occupied and includes a resort-style swimming pool, a fitness center, a business center, a playground anda clubhouse.
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions reported to CoStar. The group closed $3.6 billion in sales volume in 2016, totaling 223 deals and nearly 50,000 units. On average, the team has experienced 63 percent sales growth within the last five years. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
