The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and provided acquisition financing for, respectively, Retreat at Palm Pointe, a 112-unit apartment community located at 2561 Fassitt Rd. in North Charleston, South Carolina.
Cushman & Wakefield’s John Phoenix, Richard Gore, Tyler Fish, and Pat O’Brien represented the seller in the $13,250,000 sales transaction while Greystone’s Donny Rosenberg originated a Fannie Mae DUS loan to finance the acquisition. The multifamily property was sold by Cohen Investment Group and acquired by Prospect Lane.
“Retreat at Palm Pointe presented Prospect Lane the opportunity to acquire a well-maintained asset experiencing strong operational momentum and offering a proven value-add initiative on which to capitalize,” said John Phoenix, Senior Director at Cushman & Wakefield.
Retreat at Palm Pointe was built in 1991 in the expanding submarket of North Charleston. The multifamily property sits adjacent to high-end retail and is within an area contributing to Charleston’s booming economy.
“Fannie Mae loans provide an ideal permanent financing solution for multifamily investors, and it was a pleasure working with the Cushman & Wakefield team, the buyers and the sellers on this transaction,” added Greystone’s Donny Rosenberg.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 110-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 2022, the group closed $11.1 billion in sales volume through 360 deals and over 60,300 units.
