Cushman & Wakefield Brokers Sale for Passco Companies
Cushman & Wakefield has arranged the sale of The Enclave at Rivergate, a 216-unit apartment community located in Charlotte, North Carolina. Jordan McCarley, Marc Robinson and Watson Bryant of Cushman & Wakefield represented the seller, Passco Companies, in the transaction. Mesirow Financial acquired the property.
“Southwest Charlotte, particularly Steele Creek, is a thriving submarket with outstanding job growth and attractive fundamentals,” McCarley said. “The Enclave at Rivergate is well positioned to benefit from the area’s momentum. In addition, this sale represents the continued demand that we’re seeing for communities in quality suburban locations.”
“As the market flourishes, we viewed this as an opportune time to sell this asset, which ultimately generated an attractive return for our investors,” added Jeff Olshan, Senior Vice President, Multifamily Investments of Passco.
The Enclave at Rivergateboasts the largest average unit size in the submarket (25 percent larger on average). In addition, the property is ideally situated in a thriving submarket with favorable supply/demand dynamics. Amenities include a car care center, clubhouse/leasing center, dog park, fitness center, yoga/pilates room and laundry facility.
“We are excited to be involved in the next chapter of The Enclave at Rivergate,” said Charles Kendrick, Senior Managing Director and Co-Chief Investment Officer of MesirowFinancial’s Direct Real Estate business. “We look forward to offering residents enhanced amenities and modern designs within the vibrant surroundings of Steele Creek.”
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions and sales volume reported to CoStar. In 2017, the group closed $4.8 billion in sales volume (a 34.6 percent year-over-year increase) through 268 deals and more than 55,000 units. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visithttps://multifamily.cushwake.com.
About Passco Companies, LLC Celebrating our 20th Anniversary in 2018, Passco Companies, LLC is a nationally recognized market leader in the acquisition, development, and management of multi-family and commercial properties throughout the U.S.Passco offers a full set of real estate services including asset and property management, leasing, as well as property development and construction.Headquartered in Irvine, California, Passco currently has $2.5 billion assets under management and is involved with over 50 properties in 17 states. Passco is actively growing its portfolio in primary and secondary markets throughout the nation.
About Mesirow Financial
Headquartered in Chicago, Mesirow Financial is an independent, employee-owned firm founded in 1937. As specialists in investment, risk management and advisory services, Mesirow Financial is committed to helping institutional, corporate and individual clients achieve their objectives. Its Direct Real Estate business incorporates a diversified value-added real estate strategy with an emphasis on the U.S. multifamily sector. Over the last five years, the team has raised approximately $1.5 billion in equity and has invested in nearly 13,000 units in 22 cities nationwide. To learn more, please visit mesirowfinancial.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
