Aug
10

New Apartments in Secondary Markets Lure Institutional Buyers

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sold_sign_postcardCushman & Wakefield’s Atlanta Multifamily Team facilitated the sale of two recently-completed apartment communities in Charlotte and Charleston.

In one of the transactions, C&W represented Florida-based developer ContraVest Development Partners. The company sold The Addison at South Tryon, a 321-unit garden-style asset delivered in 2014 and located in Charlotte’s fast-growing southwest submarket, to a high-profile institutional buyer for $49.1 million (or $152,959 per unit). The property is anchored by the Westinghouse Boulevard office/industrial district and Charlotte-Douglas International Airport.

C&W also brokered the sale of 270-unit Ansley Commons, North Charleston’s newest multifamily development and one of the first to contribute to the city’s surge in suburban new construction.

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