Cushman & Wakefield has arranged the sale of The Darby, a 282-unit apartment community located in Holly Springs, Georgia, a northern suburb of Atlanta. Robert Stickel, Alex Brown and Mike Kemether of Cushman & Wakefield represented the sellers, RangeWater Real Estate and NXT Capital, in the transaction. Mount Auburn Multifamily acquired the property.
“The Darby closing is a notable example of a few recent and significant trends,” Stickel said. “First and foremost, Atlanta continues to attract investment capital due to its attractive returns. Second, suburban markets are demonstrating rapid absorption and favorable fundamentals. RangeWater designed, developed, and managedthis exceptional asset with strong performance.”
The Darby, a newly developed and recently stabilized property,which includes high-end interior finishes with luxury amenities, sold from an Atlanta-based developer to a Los Angeles-based owner-operator. The Darby’s thoughtful design and proven performance providing an attractive basis created an outstanding investment opportunity.
The property is strategically located in one of Atlanta’s fastest growing suburban markets, Cherokee County, and offers convenient access to major job hubs, an expansive list of outdoor activities as well as shopping and dining options. In addition, growing multifamily demand in Cherokee County has created an environment for lease-ups and set the stage for future rent growth.
“Mount Auburn Multifamily was attracted to affluent demographics, excellent schools, and limited multifamily supply in Holly Springs,” Brown said. “Also, they valued The Darby’s proximity to high-quality retail and the options for its residents to commute to a variety of North Atlanta’s top employment centers.”
“We are impressed by the quality of the Darby product RangeWater delivered again during our many years of partnership and Cushman & Wakefield provided outstanding service during the entire disposition process,” said Kevin Rostowsky, Senior Managing Director, NXT Capital
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 300 transactions and $7.0 billion in multifamily and land investment sales in 2019 (Source: Real Capital Analytics www.rcanalytics.com). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. For more information, 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 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.comor follow @CushWake on Twitter.
About NXT Capital
NXT Capital’s Real Estate Finance group primarily serves experienced real estate investors. It provides non-recourse floating rate first mortgages of $15 million to $75 million on value-add transactions. NXT Capital provides structured financing solutions through its Real Estate Finance and Corporate Finance groups, originating transactions on a national basis. Lending/financing services provided by NXT Capital, LLC. Loans will be arranged or made pursuant to a California Financing Law License. See www.nxtcapital.com.
