Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of two North Carolina multifamily communities–Ardmore King’s Grant in Charlotte and Ardmore Cates Creek in Hillsborough.
Michael Saclarides, Paul Marley and Marc Robinson of Cushman & Wakefield represented the seller, Ardmore Residential, Inc., in the transaction. Both properties were acquired by American Landmark Apartments.
“These core plus assets provide investors rare-to-find scale and diversification across two of the fastest growing markets in the country,” said Saclarides, Director at Cushman & Wakefield. “The Charlotte and Raleigh-Durham markets currently rank fifth and sixth nationally for rent growth and are on pace to continue capturing double digit rent growth this year.”
Ardmore King’s Grant, which was built in 2015, consists of 357 units and was 92 percent leased at the time of sale. Built a year later, Ardmore Cates Creek consists of 270 units and was 95 percent leased at the time of sale. Both properties are strategically located in sought-after, suburban areas and include 9-foot ceilings along with value-add opportunity through an existing renovation program. They also benefit from unmatched connectivity with premier retail nearby and major employment hubs that are accessible via Interstate 85.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is an 82-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units.