Cushman & Wakefield’s Southeast Multifamily Advisory Group has arranged the $58.6 million sale of Trees of Avalon, a 500-unit apartment community built in 2009 and located in McDonough, Georgia. Chris Spain and Alex Brown of Cushman & Wakefield represented the seller, Watkins Real Estate Group, in the transaction. Fairfield Residential acquired the property.
“As a well-built asset with completely original interiors, Trees of Avalon was a rare property with excellent value-add potential and a great basis relative to replacement cost,” Brown said.
McDonough has one of the most underrated growth stories in metro Atlanta, with high population growth, a thriving industrial market and a minimal development pipeline. Henry County’s rapid population and economic growth has attracted national retailers. Its heavily traveled Interstate 75 corridor is a 2.7 million-square-foot super-regional and still-growing destination retail magnet, with 500,000 square feet in new retail/mixed-use developments planned. Treesof Avalon is uniquely positioned to benefit from therapidlyexpanding surrounding retail and industrialdevelopment.
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 has closed $2.7 billion in sales volume in 2017, totaling over 175 deals and more than 35,000 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 Watkins Real Estate Group
Established in 1977, Watkins Real Estate Group is a family-owned, full-service real estate development and management firm focused on commercial, retail and multi-family properties throughout the Southeast. Watkins Real Estate Group is dedicated to fostering community through real estate. The firm provides development, leasing, asset and property management and brokerage services for its portfolio, thus maximizing stable value for our shareholders. The company’s apartment communities incorporate a conscientious approach to nature preservation while its grocery-anchored shopping centers, single tenant assets and mixed-use properties not only meet tenants’ needs but also deliver functional and aesthetically-pleasing retail centers that bring value to communities. Equipped with strong financial resources and a team of real estate experts, Watkins is well positioned to seek market-driven development. For more information, go to watkinsreg.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.