Dealmaker: Cushman & Wakefield Brokers $62M in Multifamily Sales
Cushman & Wakefield, Chicago, arranged $62.3 in multifamily sales in South Carolina and Florida.
In Ladson, S.C., near Charleston, Cushman & Wakefield Director Tai Cohen and Vice Chairs Jordan McCarley and Marc Robinson represented Orange Capital Advisors when it sold Lively Indigo Run.
CoStar Group reported PEM Real Estate Group, Scottsdale, Ariz., paid $51.5 million for the 302-unit property.
The north Charleston area is expected to add 13,750 new jobs through 2023, mostly fueled by manufacturing and healthcare. Cushman said economic fundamentals across the Charleston market support organic rent increases through existing growth runways paved by comparable Class A properties.
Cohen noted Lively Indigo Run is minutes from major job hubs including Boeing, Mercedes-Benz and Volvo.
In the Jacksonville, Fla. area, Cushman Executive Directors Mike Donaldson and Nick Meoli represented Rajan Rakheja in selling Park Village Apartments. A joint venture of Mayfair Investment Partners and Navarino Capital Management acquired the property for $10.8 million, or $90,400 per unit.
Occupying 6.5 acres in Orange Park, Fla., the Clay County community includes 15 two-story buildings one-half mile from Interstate 295. Park Village Apartments was 93 percent occupied at closing.
“Park Village is a well-located community in the desirable Orange Park submarket with a viable value-add play that the new owner plans to take advantage of,” said Donaldson. “Building off of a partial renovation by prior ownership and tremendous renter demand for upgraded units in the surrounding area, there is an opportunity to push market rents over $200 by way of additional unit renovations and common area enhancement.”