News
MULTIFAMILY MONDAY
April 18, 2011
| The southside of Atlanta has now seen the benefits of the multifamily sales boom. | |||
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| The Cushman & Wakefield multifamily team (part of whom we snapped this morning: Mike Kemether, Chris Spain, and Brandon Whitesell) has sold Mandalay Villas for $28.8M to Panther Properties. It's one of the highest-priced multifamily transactions in the past couple of years south of the city, a deal spearheaded by Brandon. The team (which includes Nathan Swensen) brokered the sale of the 300-unit Class-A property on behalf of Davis Development. Oh, and no need to break out the calculator, we've already done that for you: It's $96k per unit. | |||
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| Aside from Mandalay Villas (above), the guys also recently repped seller Wells Fargo in a fractured condo deal called Fifth and Main in downtown Nashville, bought by ACG Equities for $16M; and the Carrington Park at Cornelius, a 236-unit apartment complex in NC to Colonial Properties Trust for $23.4M. ?The appetite for mulitfamily is strong right now,? Mike tells us. More stunning, he says investors are willing to underwrite potential rent growth ?for the first time in awhile,? which is helping buyers find money for these deals. |
