Cushman & Wakefield has arranged the $106.7 million sale of an 18-property, 1,858-unit portfolio comprised of apartment communities throughout the Southeast on behalf of Varden Capital Properties (VCP). Tyler Averitt and Craig Hey of Cushman & Wakefield represented the seller in the transaction. The Walden Group acquired the properties.
“This was a very unique situation where two key private capital clients were able to do a mutually favorable cross-market portfolio sale with our Southeast Multifamily group at Cushman & Wakefield,” Hey said. “VCP was able to amass the portfolio by purchasing properties that were more complicated executions than the average buyer would be willing to do.”
“The Walden Group's platform is set up well to capitalize on the conversion to conventional as they exit compliance in the coming years, allowing them to maximize returns for their investors,” added Averitt. “The portfolio timing also allowed the buyer to line up dispositions through Cushman & Wakefield so they acquired many of the assets with tax-free 1031 money, ever compounding the initial investment from their private equity partners.”
The properties in the portfolio include:
- Seven properties across Alabama
- Five properties in Pensacola, Florida
- Three properties across Tennessee
- One 200-unit property in Pascagoula, Mississippi
- One 203-unit property inWinston-Salem, North Carolina
- One 223-unit property in Houston, Texas
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 is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
