18-Property Portfolio Includes 1,858 Units
ATLANTA--(BUSINESS WIRE)--
Cushman
& Wakefield (NYSE: CWK) has arranged the $106.7 million sale of
an 18-property, 1,858-unit portfolio comprised of apartment communities
throughout the Southeast on behalf of Varden Capital Properties (VCP).
Tyler Averitt and Craig Hey of Cushman & Wakefield represented the
seller in the transaction. The Walden Group acquired the properties.
“This was a unique situation where two key private capital clients were
able to do a mutually favorable cross-market portfolio sale with our
Southeast Multifamily group at Cushman & Wakefield,” Hey said. “VCP was
able to amass the portfolio by purchasing properties that were more
complicated executions than the average buyer would be willing to do.”
“The Walden Group's platform is set up well to capitalize on the
conversion to conventional as they exit compliance in the coming years,
allowing them to maximize returns for their investors,” added Averitt.
“The portfolio timing also allowed the buyer to line up dispositions
through Cushman & Wakefield so they acquired many of the assets with
tax-free 1031 money, ever compounding the initial investment from their
private equity partners.”
The properties in the portfolio include:
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Seven properties across Alabama
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Five properties in Pensacola, Florida
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Three properties across Tennessee
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One 200-unit property in Pascagoula, Mississippi
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One 203-unit property in Winston-Salem, North Carolina
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One 223-unit property in Houston, Texas
Cushman & Wakefield’s Southeast Multifamily Advisory Group ranked No. 1
in market share in 2018 based on closed transactions, totaling over $5
billion in sales volume. For more information about Cushman &
Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.
Source: Cushman & Wakefield
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 48,000 employees in approximately 400 offices and 70
countries. In 2017, the firm had revenue of $6.9 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.
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MEDIA CONTACT:
Savannah Durban
Public Relations
and Communications
+1 404 853 5371
savannah.durban@cushwake.com
Source: Cushman & Wakefield