CHARLOTTE, North Carolina, June 22, 2018 – Cushman & Wakefield has arranged the $39 million sale of 1420 Magnolia, a 204-unit apartment community located in Charlotte, North Carolina. Jordan McCarley, Watson Bryant and Marc Robinson of Cushman & Wakefield represented the seller, Estates & Companies, in the transaction. Hudson Capital Properties acquired the property.
“1420 Magnolia was a unique opportunity to acquire an extremely well-located, infill community that has tremendous value-add potential,” McCarley said. “The property is positioned in the epicenter of Montford Park, an area exploding with new commercial development and characterized by blue-chip demographics and access to Charlotte’s premier employment hubs.”
“Cushman & Wakefield’s team, especially Jordan McCarley, represented our team with dignity and transparency while delivering a successful transaction for all parties involved,” said Matt Mundy, Development Manager at Estates Management Company.
1420 Magnolia, built in 1999, offers a best-in-class amenity package including a car care center, controlled access gates, dog park, fitness center, grilling/picnic areas, resident business center, yoga/pilates room, and a swimming pool.
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions and sales volume reported to CoStar. In 2017, the group closed $4.8 billion in sales volume (a 34.6 percent year-over-year increase) through 268 deals and more than 55,000 units. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.