Institutional Investor Sells Fountains at Mooresville Town Square for $145,814 Per Unit

Cushman & Wakefield has arranged the $33.1 million sale of Fountains at Mooresville Town Square, a 227-unit apartment community located in Mooresville, North Carolina. Jordan McCarley, Marc Robinson and Watson Bryant represented the seller in the transaction. RST Development acquired the property.

“The acquisition of The Fountains at Mooresville Town Square continues our portfolio expansion into the metro Charlotte market,” said Scott Copeland, Principal of RST Development. “The community offers a prime location, quality construction and high-end demographics that fit our strategic vision and investment criteria.”

Built in 2012, Fountains at Mooresville is within the Mooresville Town Square, offering 122,000 square feet of mixed-use development located along Brawley School Road and Williamson Road. Amenities include a saltwater swimming pool, fitness facility, demonstration kitchen with a dining room, billiards room, a fenced-in dog park and more. Mooresville is home to several corporate headquarters including Lowe’s and MSC, in addition to more than 60 racing teams and motorsports suppliers of NASCAR.

“With rapid population growth, an affluent resident pool and a diminished supply pipeline, the asset is uniquely positioned to capitalize on a tightening rental market,” McCarley said.

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 through 268 deals and more than 55,000 units. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.