North Carolina Apartment Community Sells for $94,736 Per Unit
CHARLOTTE, North Carolina, March 21, 2019 – Cushman & Wakefield has arranged the $14.4 million sale of Deerbrook, a 152-unit apartment community located in Wilmington, North Carolina. Watson Bryant, Jordan McCarley and Paul Marley of Cushman & Wakefield represented Tribute Properties, the seller in the transaction. Cohen Investment Group acquired the property.
“The Deerbrook transaction is a great example of our company buying value-add multifamily real estate below replacement cost,” said Hugh D. Cohen, President of Cohen Investment Group. “Adding this property to our growing portfolio is exciting on various levels including our entrance into the Wilmington market. Each acquisition we do possesses its own individual business plan, and we plan on capitalizing on ours quickly.”
Built in 1999, Deerbrook features a clubhouse and swimming pool with an outdoor kitchen and sundeck. It offers a diverse unit mix with vaulted-ceiling, loft floorplans available and upgraded units with wood-vinyl flooring. The Wilmington MSA is characterized by rapid population growth, an expanding employment market and attractive demographics.
“Deerbrook is ideally located in the northern submarket of Wilmington, well-positioned for new ownership to realize remarkable gains from organic rent growth and a proven value-add initiative,” Bryant 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 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.