North Carolina Multifamily Community Sells for $144,725 Per Unit
CHARLOTTE,
North Carolina, May 31, 2019 – Cushman & Wakefield
has arranged the $34.3 million sale of Encore North, a
237-unit apartment community located in Greensboro, North Carolina. Watson
Bryant, Jordan McCarley and Brooks Colquitt of Cushman & Wakefield
represented the seller, Carlisle Residential Properties, in the transaction. Grimley
Residential acquired the property.
“The
sale of Encore North was a successful transaction for everyone involved,” said Matthew
Rankin, CEO of Carlisle Residential. “For Carlisle and its investors, the deal
represented a very good return on our original investment. From the outset, we were impressed by the
professionalism of the buyer, Grimley, and the expertise of the broker, Cushman
& Wakefield. Should the opportunity
present itself, we would happily partner in future transactions with Grimley
and Cushman.”
“The Encore North acquisition feeds directly
into our continuing strategy of acquiring newer apartments in climate-resilient
markets across the United States,” said Scott Shore, Director of Acquisitions
at Grimley Residential. “Cushman & Wakefield and Carlisle Residential
Properties were both incredible to work with on this transaction.”
Encore
North, built in 2017, offers upscale community amenities including a
resort-style swimming pool, fitness center, yoga studio, outdoor kitchen,
grilling areas, resident lounge, community game room with pool table, and dog
park.
“Having
recently sold the Bridford West apartment community in Greensboro, Encore North
is another example of the expanding apartment market throughout the Piedmont,”
Bryant said. “Encore North is a strong, value-add extension to Grimley
Residential’s growing Southeast portfolio in this booming secondary market.”
Cushman
& Wakefield’s Southeast Multifamily Advisory Group ranked No. 1 in market
share in 2018 based on closed transactions, totaling $4.5+ billion in sales
volume, according to Real Capital Analytics. For more information about Cushman
& Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.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.