New Construction Sells in the Carolinas
- Aug 07, 2015
Charlotte, N.C. & Charleston, S.C.—Cushman & Wakefield’s Atlanta Multifamily Team has sold two newly built assets in the Carolinas. The two separate transactions have an aggregate volume of $88.3 million.
The C&W team represented Florida’s ContraWest Development Partners in the $49.1 million sale of The Addison at South Tryon, a 321-unit garden community in Charlotte’s southwest submarket. The 2014-built asset is near to the Westinghouse Boulevard office/industrial district and the Charlotte-Douglas International Airport. That transaction closed in 51 days.
The other deal involved representing Atlanta’s Hathaway Development Partners in the disposition of Ansley Commons, a 270-unit asset located in North Charleston. The first unit were delivered in June of 2014. An undisclosed institutional investor grabbed the property for $39.2 million.
“Both assets traded at low, stabilized proforma cap rates. Institutional buyers are entering these markets, buying new construction assets, and hoping to take rents 10 to 12 percent higher,” explained Brandon Whitesell, the lead C&W broker on both transactions. “This sort of confidence in secondary markets like Charlotte and Charleston is a strong indication that rent growth is not ready to slow down.”