Cushman & Wakefield Shepherds 182-Unit GA Sale
- Aug 30, 2017
The Atlanta-based Southeast Multifamily Advisor Group of Cushman & Wakefield has arranged the $15 million sale of the 182-unit Woodhill apartment community in Augusta, Ga. In the transaction, Cushman & Wakefield’s Robert Stickel represented sellers Intermark Management and King Management. The property’s purchaser was JEM Holdings.
“Augusta is considered a secondary market, so in seeking a buyer it was important to showcase the market’s upside and growth potential,” Stickel told MHN.
“Using our robust buyer base, we were able to secure a high-profile owner, JEM Holdings. This is the third sale we have closed in the Augusta market this summer, with our sales activity totaling nearly $100 million.”
The 31-year-old Woodhill is situated less than two miles from Wal-Mart, Kroger, Walgreens and Augusta Mall. Convenient access to Interstate 520 enables residents to swiftly and easily commute to the area’s major employers, including Club Car, T-Mobile, Fort Gordon and National Security Administration offices.
The property’s amenities include a resort-caliber swimming pool, fitness center, tennis courts and a clubhouse.
“We are very pleased with our acquisition of Woodhill Apartments and the opportunity to expand our multifamily portfolio into Augusta,” said Jessica Saks, JEM Holdings director. “We’re bullish on the market’s population growth and the significant attention the city has garnered for its emphasis on promoting the healthcare, high-tech and cybersecurity industries.”
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions reported to CoStar.
The group has closed $2 billion in total sales volume in 2017 Its more than 130 deals this year encompass more than 25,000 units. “Woodhill is well positioned in the Augusta market with a great growth story,” Stickel concluded.
“Through a focused renovation program, strategic improvements will likely accelerate performance trends, while offering residents upgraded unit interiors and an enhanced amenity package. This asset benefits from its excellent connectivity to the best retail centers and prominent employment hubs, which make it an ideal location to live in Augusta for many people.”