Cushman & Wakefield has arranged the $78.3 million sale of a six-property, 1,522-unit portfolio comprised of apartment communities throughout the Southeast on behalf of Varden Capital Partners. Tyler Averitt, Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller in the transaction. Blue Rock Partners acquired the properties.
“Deals when both parties walk away happy are deals we strive for as a group, and this portfolio represents one of those situations,” Averitt said. “By repositioning these assets after a bulk purchase and proving out a value-add program, Varden Capital Partners was able to make healthy profits for their investors. By only renovating a small sample of units, they left a great value-add path ahead for Blue Rock, which is the exact opportunity they are seeking in the Southeast.”
The properties in the portfolio include:
- The 184-unit Madison Square in Dothan, Alabama
- The 324-unit Preserve at Bent Creek in Atlanta
- The 384-unit Lakeview Trails in College Park, Georgia
- The 210-unit Epic Brookside in College Park, Georgia
- The 188-unit Orchard Cove in Covington, Georgia
- The 232-unit Gardens of Canal Park in Robinsonville, Mississippi
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions and sales volume reported to CoStar. In 2017, the group closed $4.8 billion in sales volume (a 34.6 percent year-over-year increase) through 268 deals and more than 55,000 units. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visithttps://multifamily.cushwake.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. 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. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
