North Carolina Apartment Community Sells for $87,892 Per Unit

Cushman & Wakefield has arranged the $19.6 million sale of Greenbrier, a 223-unit apartment community located in Garner, North Carolina. Watson Bryant, Paul Marley and Brooks Colquitt of Cushman & Wakefield represented the seller, Artesia Real Estate, in the transaction. EBEX Holdings and FriedLam Partners acquired the property.

“As the Raleigh MSA continues expanding, Garner is proving to be one of the top submarkets adjacent to downtown, benefiting from overflow development,” said Evan Goldenberg, Principal of EBEX Holdings. “We are confident this growth will continue, and Greenbrier is situated perfectly to capture the momentum.”

Garner, Raleigh’s southern submarket, outperforms the broader MSA in effective rent growth and occupancy year over year. Greenbrier is primed to reap from the benefits from Raleigh’s continual population and job growth.

“We look forward to completing the proven value-add initiative at the property, while watching the impact the nearby Amazon distribution center will have on the submarket,” said Nathan Friedman, Principal of FriedLam Partners.

Cushman & Wakefield’s Southeast Multifamily Advisory Group ranked No. 1 in market share in 2017 based on closed transactions, totaling $4.5 billion in sales volume. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) 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, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.