Atlanta—Cushman & Wakefield is growing in size and offerings with its recent acquisition of Atlanta-based Multi Housing Advisors (MHA), creating the leading multifamily brokerage platform in the Southeast United States.
With MHA, Cushman & Wakefield now heads 23.8 percent of multifamily investment sales in the Southeast to date, and the combined firms captured 20 percent of 2015 Southeast multifamily sales with nearly $3 billion in transactions.
“The Sunbelt and Southeast are consistently among the fastest growing regions of the U.S., so we’re always considering growth opportunities, both organic, within our firm, as well as M&A, to grow our platform,” Noble Carpenter, Cushman & Wakefield’s president, Capital Markets, Americas, told MHN.
In May, Cushman & Wakefield acquired its longtime partner, Oxford Commercial, and in April, Cushman & Wakefield acquired Gibson Realty Group, adding a staff of 33 to its South Florida group.
In addition to expanding its reach, the acquisition reflects Cushman & Wakefield’s goal of expanding its capital markets platform, especially in the multifamily sector, Carpenter said. “Strategically, we are deeper and positioned to serve clients across the spectrum of multifamily properties–from institutional to professional equity to private capital investors–while achieving broader geographic coverage and scale. What’s more, MHA is a seamless fit culturally, which is a crucial element as we combine operations and continue to build momentum,” he added.
Heading Cushman & Wakefield’s U.S. multifamily will be MHA cofounders Josh Goldfarb and Marc Robinson, who will be based in Atlanta and Charlotte. Other members of the MHA leadership include Jimmy Adams in Birmingham, Ala.; Jordan McCarley in Charlotte, N.C.; and Tyler Averitt and Robert Stickel in Atlanta. They will be joining Cushman & Wakefield’s Southeast multifamily group, which is led by Chris Spain, Michael Kemether and Brandon Whitesell.
MHA was likely an attractive opportunity for Cushman & Wakefield because of its recent growth. Founded in 2002, MHA has had average sales growth of 55 percent and transaction volume totaling more than $5.9 billion in the past five years, with 70 percent of its business from recurring clients. MHA will bring 13 brokerage professionals and 35 total staff to Cushman & Wakefield, who can provide on-the-ground multifamily services with its offices in Birmingham and Charlotte.
Robinson said the merger will allow MHA to grow its geographic coverage and multifamily platform in the U.S. “The breadth and depth of our new team is truly remarkable and will be an enormous benefit to each segment of multifamily investors, offering them access to a wider scope of investment options,” he said.
Goldfarb added that Cushman & Wakefield’s super-regional model combined with MHA’s eight-state multi-office platform creates “a multifamily powerhouse in teh Southeast, givign clients broader buyers exposure. Those factors and the firm’s leading capital markets platform make this combination an ideal fit.”