ATLANTA--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK) has arranged the $106.7 million sale of an 18-property, 1,858-unit portfolio comprised of apartment communities throughout the Southeast on behalf of Varden Capital Properties (VCP). Tyler Averitt and Craig Hey of Cushman & Wakefield represented the seller in the transaction. The Walden Group acquired the properties.
“This was a unique situation where two key private capital clients were able to do a mutually favorable cross-market portfolio sale with our Southeast Multifamily group at Cushman & Wakefield,” Hey said. “VCP was able to amass the portfolio by purchasing properties that were more complicated executions than the average buyer would be willing to do.”
“The Walden Group's platform is set up well to capitalize on the conversion to conventional as they exit compliance in the coming years, allowing them to maximize returns for their investors,” added Averitt. “The portfolio timing also allowed the buyer to line up dispositions through Cushman & Wakefield so they acquired many of the assets with tax-free 1031 money, ever compounding the initial investment from their private equity partners.”
The properties in the portfolio include:
- Seven properties across Alabama
- Five properties in Pensacola, Florida
- Three properties across Tennessee
- One 200-unit property in Pascagoula, Mississippi
- One 203-unit property in Winston-Salem, North Carolina
- One 223-unit property in Houston, Texas
Cushman & Wakefield’s Southeast Multifamily Advisory Group ranked No. 1 in market share in 2018 based on closed transactions, totaling over $5 billion in sales volume. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.
Source: Cushman & Wakefield
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Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.