Cushman & Wakefield arranges $30.6 million sale on behalf of Lurin Capital

Two apartment communities sell for $156,923 per unit

Greens on 5th

Cushman & Wakefield announced the commercial real estate services firm has arranged the $30.6 million sale of Elevate at 604 West and Greens on 5th, two apartment communities totaling 195 units located in Fort Walton Beach, Florida.

Parker Caldwell and Craig Hey of Cushman & Wakefield represented the seller, Lurin Capital, in the transaction. Pedcor acquired the property.

“The two assets came to market completely re-positioned, both interiors and exteriors, and were experiencing strong leasing velocity,” Caldwell said. “The next ownership group is excited to acquire in the rapidly growing Florida panhandle with huge upside potential remaining.”

Elevate at 604 West includes 99 units that are 97 percent leased and includes a swimming pool, greenspace, laundry facility and courtyards. The Greens on 5th totals 96 units that are 98 percent leased and includes a swimming pool and laundry facilities. The communities are situated in strong submarkets with close proximity to job drivers and quality schools.

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.