After recently arranging a $78.3 million multifamily transaction in Southern U.S., Cushman & Wakefield has brokered the sale of Fountains at Mooresville Town Square, a 227-unit community in Mooresville, N.C. RST Development purchased the asset for $33.1 million.
Executive Managing Director Jordan McCarley, Vice Chairman Marc Robinson and Executive Director Watson Bryant of Cushman & Wakefield’s Southeast Multifamily Advisory Group represented the seller, Tribridge Residential. According to Yardi Matrix data, the property had a 93 percent occupancy rate as of June.
Located at 170 Mooresville Commons Way, along Brawley School Road and Williamson Road, Fountains at Mooresville Town Square is close to retail, dining and entertainment facilities, including two shopping malls. Completed in 2012, the asset comprises 90 one-, 123 two- and 14 three-bedroom units across six buildings. The units range in size from 720 to 1,362 square feet. Amenities include:
- saltwater swimming pool
- business center
- fitness facility
- billiards room
- dog park
The area is an important employment hub as several corporate headquarters including Lowe’s and MSC being are located in Mooresville. Additionally, more than 60 racing teams and motorsports suppliers of NASCAR are also close. Nearby Interstate 77 provides easy access to downtown Charlotte, which is within 30 miles.
“With rapid population growth, an affluent resident pool and a diminished supply pipeline, the asset is uniquely positioned to capitalize on a tightening rental market,” McCarley said, in a prepared statement.
Image courtesy of Cushman & Wakefield
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