Dealmaker: Cushman & Wakefield Arranges $102M in Multifamily Sales

Cushman & Wakefield, New York, negotiated two apartment property sales totaling $101.8 million in Florida and Georgia.

In Ocala, Fla., Cortland Partners sold 328-unit garden-style community Deerwood Village Apartment Homes to West Shore LLC, Boston, for $49.75 million or $151,677 per unit. Cushman Senior Director Jay Ballard and Director Ken Delvillar represented Cortland.

Built in 2006, Deerwood Village Apartment Homes includes 40 two-story buildings with of one-, two- and three-bedroom floorplans that average $1,266 rent per month. The community was 94 percent occupied at closing. The location is close to several large employers including Lockheed Martin, Monroe Regional Medical Center, Ocala Health System and The Vines Hospital.

“Deerwood Village Apartment Homes represented an opportunity for investors to acquire a proven value-add asset in a strong multifamily market with limited supply,” Ballard said. “The property offers significant upside through the continuation of Cortland’s capital improvement program.”

With its acquisition of Deerwood Village Apartment Homes, West Shore LLC now owns 11 Florida multifamily communities in Clearwater, Gainesville, Melbourne, Naples, Ocala, Riverview and Tallahassee.

In Duluth, Ga., Cushman & Wakefield arranged $52.1 million to sell the 323-unit apartment community The Marquis on Berkeley. Vice Chairman Mike Kemether, Director Travis Presnell and Vice Chairman Josh Goldfarb represented the seller. A local firm acquired the 2002-vintage property for $161,310 per unit.

Kemether noted Gwinnett County has transformed in recent years from a commodity multifamily market to a barrier-to-entry market with a business-oriented government serving over a million people. “For these reasons, most Gwinnett properties have performed really well,” he said.