Cushman & Wakefield has arranged the $19.28 million sale of Commons at Fort Mill, a 144-unit apartment community located in Fort Mill, South Carolina. Watson Bryant, Jordan McCarley and Brooks Colquitt of Cushman & Wakefield represented the seller, Cedar Grove SC III, LLC, in the transaction. Rincon Partners acquired the property. Commons at Fort Mill represents the first entry into the Southeast for Rincon Partners.
“Rincon targets properties that are undermanaged or in need of significant capital expenditures to maximize their value,” said Carson Hammer of Rincon Partners. “The Fort Mill area is one of the top-performing economies of the Charlotte MSA and has experienced rapid and broad-based population growth and job creation for the past several years. It is expected to continue to outperform.”
Delivered in 2009, Commons at Fort Mill is located in the heart of the thriving Rock Hill / Fort Mill submarket, located just minutes from Fort Mill and the Charlotte MSA’s top employers.
“Rincon intends to leverage these strong economic fundamentals through a comprehensive renovation plan of Commons at Fort Mill, which will include extensive upgrades to the unit interiors and exterior spaces to elevate the community’s appeal and drive future rents,” Hammer added.
“Ideally located minutes from Fort Mill and a short commute to Charlotte, Commons at Fort Mill presents an exceptional return on investment for Rincon Partners as they expand their portfolio in a thriving submarket,” McCarley said.
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.
About Rincon Partners
Rincon Partners is a vertically-integrated, full-service real estate investment and management firm. Since its founding in 2015, Rincon has acquired over 1,900 apartment units with an aggregate project value of over $225 million and is currently developing two Class A self-storage facilities with an aggregate project value of approximately $20 million. Rincon focuses on investments in multifamily and self-storage properties in the Southwestern and Southeastern United States. Its multifamily investment strategy targets moderately sized, value-add and core-plus investment opportunities. Its self-storage investment strategy includes the acquisition and development of Class A, climate-controlled properties in high growth markets. Rincon’s partners have over 60 years of experience in acquiring, developing, financing, managing and selling commercial real estate across multiple asset classes, with over $18 billion of real estate acquired and managed over their careers.
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.