Cushman & Wakefield Arranges $66M Sale on Behalf of The Crotts Group

Rhea-AI Summary

Cushman & Wakefield (NYSE: CWK) facilitated the $65.5 million sale of Harbor Pointe, a 344-unit apartment complex in Mount Pleasant, South Carolina. The transaction involved the seller, The Crotts Group, and the buyer, Audubon. Harbor Pointe, built in 1987, is strategically located near over 98,000 jobs and major economic hubs, presenting significant future rental growth potential. The property spans 32 acres and has opportunities for capital infusion to increase rents by over $300 per unit, reflecting the area's competitive market with high barriers to entry.

Positive

• Successful sale of Harbor Pointe for $65.5 million.
• Strategically located near over 98,000 jobs in a high-demand area.
• Potential to increase rents by over $300 per unit.

Negative

• None.

Cushman & Wakefield (NYSE: CWK) has arranged the $65.5 million sale of Harbor Pointe, a 344-unit apartment community located in Mount Pleasant, South Carolina, within the Charleston metropolitan area. Jordan McCarley, Tai Cohen and Marc Robinson of Cushman & Wakefield represented the seller, The Crotts Group out of Atlanta, in the transaction. Audubon acquired the property.

“Located in the highly sought-after submarket of Mount Pleasant, Harbor Pointe offers residents convenient access to walkable retail and dining, as well as Charleston’s major economic drivers,” McCarley said.

Harbor Pointe’s location in Mount Pleasant provides direct access to over 98,000 jobs and the Charleston Peninsula. Built in 1987, Harbor Pointe offers an opportunity to infuse the 32-acre property with capital to push rents over $300 per unit and establish market presence in a top southeast location presenting high barriers to entry and untapped future potential.

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 300 transactions and $7.0 billion in multifamily and land investment sales in 2019 (Source: Real Capital Analytics www.rcanalytics.com). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. For more information, visit https://multifamily.cushwake.com.

About Cushman & Wakefield

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 approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210112005902/en/

FAQ

What was the sale price of Harbor Pointe by CWK?

Cushman & Wakefield arranged the sale of Harbor Pointe for $65.5 million.

Who were the parties involved in the Harbor Pointe sale?

The seller was The Crotts Group, and the buyer was Audubon.

Where is Harbor Pointe located?

Harbor Pointe is located in Mount Pleasant, South Carolina.

What is the significance of Harbor Pointe's location?

The location offers access to over 98,000 jobs and major economic drivers in Charleston.

What opportunities does Harbor Pointe present?

There is potential to increase rents by over $300 per unit due to its location and market demand.