Cushman & Wakefield has arranged the $65.1 million sale of Exchange at Holly Springs, a 316-unit apartment community located in Holly Springs, North Carolina, within the Raleigh MSA. Marc Robinson, Jordan McCarley, Robert Stickel and Watson Bryant of Cushman & Wakefield represented the sellers, Hathaway Development and PointOne Holdings, in the transaction. Myers Apartment Group acquired the property.
“Exchange at Holly Springs was a premier fit for our group due to the pre-stabilized nature of the deal,” said Jeremy Myers, President of Myers Apartment Group. “Investors continue to flee the urban core, and their exit has been further exacerbated by the pandemic.Holly Springs, along with Fuquay and Apex, have continued to reap the benefit of residents getting priced out of markets like Cary and Raleigh. These submarkets remain poised for tremendous growth in years to come.”
Holly Springs’ lack of multifamily supply presents a perfect opportunity for the property to leverage its premier, curated amenities and contemporary features to help ensure a rapid lease-up and capitalize on organic rent growth. Holly Springs is defined by its well-educated, high-income demographics and is ranked as one of North Carolina’s top submarkets in which to reside.
“With the increasing focus from investors on suburban submarkets, Exchange at Holly Springs met all the criteria for a solid investment in a booming Southeast market,” Robinson said. “The property’s suburban location, coupled with increasing buyer interest and lending options for pre-stabilized assets, made it a golden opportunity for Myers Apartment Group to expand its portfolio.”
Built in 2020, Exchange at Holly Springs offers luxury community amenities including package concierge lockers, state-of-the-art fitness center with wellness studio, bark park, cyber café, valet trash service, business center, nature trail, electric car charging station, game room with billiards table, grand clubhouse with lounge, resort-style saltwater pool, poolside grilling area, private garages, and storage units.
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). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.