Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Ardmore Heritage, a 260-unit apartment community located in Wake Forest, North Carolina.
Watson Bryant, Jordan McCarley and Paul Marley of Cushman & Wakefield represented the seller, Ardmore Residential, in the transaction. Ardmore Residential has successfully developed over 4,300 apartments throughout the Southeast since 2011. Beacon Real Estate Group, a commercial real estate firm that specializes in the acquisition and management of multifamily, office and retail properties primarily in the Southeastern quadrant of the United States, acquired the property.
“Beacon Real Estate Group continues to successfully grow their North Carolina portfolio, particularly in Charlotte and the Triangle where market fundamentals and economic momentum remain strong,” Bryant said.
Wake Forest is just north of Raleigh and offers easy access to the Triangle region. The city is the ninth fastest growing municipality in North Carolina and the population has grown 232 percent since 2000. Ardmore Heritage was built in 2014 and was 92 percent leased at the time of sale.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.