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Carolina Multifamily Portfolio Trades for $505M
Cushman & Wakefield has arranged the $504.5 million sale of a 31-property multifamily portfolio totaling 5,115 units in North Carolina and South Carolina. Marc Robinson and Brooks Colquitt of Cushman & Wakefield represented the sellers, Threshold Capital and BMA Capital LLC, in the transaction. The buyers were Morgan Properties and Peak Capital Partners.
The properties include 28 in North Carolina and three in South Carolina. Morgan Properties added 19 properties with 3,256 units to their investment portfolio for $323 million, while Peak Capital Partners acquired 12 properties with 1,859 units for $181.5 million.
“Despite 2020 being an unprecedented year, this acquisition shows our continued confidence in class B, value-add multifamily fundamentals, the strength of our business and talented team, and our eagerness to grow our portfolio,” said Jonathan Morgan, President at Morgan Properties. “The Carolinas are fast-growing markets that offer great access to major employment hubs. We are excited to further expand our presence in these key markets, provide employment opportunities at a critical time in our economy, and enhance the living experience for the thousands of residents who call these communities home.”
For comments, questions or concerns, please contact David Cohen
- ◦Sale/Acquisition
