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Cushman & Wakefield Arranges $71.5M Multifamily Sale in North Carolina

September 19, 2019

CHARLOTTE, N.C.--(BUSINESS WIRE)-- Cushman & Wakefield (NYSE: CWK) recently arranged the $71.5 million sale of The District, a 309-unit apartment community located in Asheville, North Carolina.

Jordan McCarley, Marc Robinson and Watson Bryant of Cushman & Wakefield represented the seller, Flournoy Development, in the transaction.

“Cushman & Wakefield executed a seamless transaction for all parties involved and we are excited for new ownership to capitalize on this exceptional asset located directly adjacent to Asheville’s Historic Biltmore Village neighborhood,” said Blake Breimann, Senior Vice President and Chief Investment Officer at Flournoy Development.

Amenities include a 2,300-square-foot clubhouse with a state-of-the-art fitness center, game room, business center, heated salt-water pool, fenced-in dog park and picnic area. The District’s ideal location in the city’s southern infill submarket offers residents unparalleled connectivity to Asheville’s foremost economic centers, as five of the largest 10 employers in Buncombe County – accounting for nearly 20,000 jobs – are within a five-minute drive.

“The District is Asheville's premier core asset,” McCarley said. “This opportunity offers new ownership a stabilized, top-notch asset situated in an unparalleled location in Asheville’s growing market.”

Cushman & Wakefield’s Southeast Multifamily Advisory Group ranked No. 1 in market share in 2018 based on closed transactions, totaling more than $4.5 billion in sales volume (Source: Real Capital Analytics www.rcanalytics.com). For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.

About Flournoy Development

The Flournoy Companies, headquartered in Columbus Georgia, consists of - Flournoy Development, Flournoy Properties and Flournoy Construction. The companies were founded in 1967 and have developed and built over 40,000 apartments for affiliated entities and unaffiliated third parties since its formation. We specialize in the development, acquisition, construction and management of high quality multifamily and senior housing properties in strategic locations throughout the Southeastern, Mid-Atlantic, and Southwestern United States. We are continuously adding value to our owned portfolio through intensive and forward-thinking management and leasing. To learn more about the Flournoy Companies, visit https://flournoycompanies.com/.

On January 5, 2018, the companies became wholly-owned subsidiaries of Kajima U.S.A. ("KUSA"). As is KUSA's practice, our companies will continue to operate as independent entities, just as they have for the last 50 years. For more information about KUSA, please visit their website https://kajimausa.com/.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

For Further Information Contact:
Savannah Durban
Senior Communications Specialist, Southeast
+1 404 853 5371
savannah.durban@cushwake.com

Media Contact:
Bailey Webb
Corporate Public Relations Director
+1 404 682 3381
bailey.webb@cushwake.com

Source: Cushman & Wakefield

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