Cushman & Wakefield has arranged the $37.5 million sale of The Reserve at Magnolia Ridge, a 360-unit apartment community located in Cary, North Carolina. Watson Bryant, Paul Marley and Marc Robinson of Cushman & Wakefield represented the seller, The Sterling Group, in the transaction. DASMEN Residential acquired the property.
“We were fortunate to invest in this value-add opportunity in an incredibly strong market,” said Larry Swank, CEO of Sterling Group. “We believe DASMEN Residential will continue to experience strong demand for the upgraded product and benefit from the overall capital investment accomplished throughout our hold period.”
DASMEN plans to rebrand the property as Aurella Cary and renovate apartment interiors including the addition of quartz countertops and other best-in-class unit finishes. The company plans to create a DASMEN “resort experience” for its residents by renovating the resident clubhouse as well as pool, tennis court, fitness center and dog park.
“DASMEN is extremely pleased with its most recent purchase, the company’s sixth acquisition in the Raleigh-Durham market and 15th in North Carolina,” said Michael Katz, CEO of DASMEN Residential. “We view Raleigh-Durham as a market that is getting better and stronger with more jobs, new employment opportunities and continued population growth as a top U.S. destination to relocate to.”
He continued, “We are extremely focused on enhancing the living experience for the current and future residents of Aurella Cary. We work hard to bring value to the cities we operate in as well improve the lives of the residents that live at a DASMEN community. Our slogan is ‘Live Better, Live Different, Live DASMEN,’ and we want every resident to feel this experience when they reside at one of our communities.”
Cushman & Wakefield’s Southeast Multifamily Advisory Group ranked No. 1 in market share in 2017 based on closed transactions, totaling $4.5 billion in sales volume.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services.