Cushman & Wakefield has arranged three multifamily sales in Rock Hill, South Carolina, for a total of $30.3 million. Watson Bryant, Paul Marley and Brooks Colquitt represented the sellers in the transactions. New Jersey-based property owner FriedLam Partners acquired the properties.
“We are excited to expand our Charlotte portfolio with these solid value-add assets in Rock Hill,” said Nathan Friedman, Principal of FriedLam Partners. “We look forward to making improvements to the properties.”
The Gramercy and The Fields Riverview were sold by Varden Capital Partners and Elite Street Capital, respectively. They are exceptionally located due to their proximity to the booming I-77 corridor, making the properties commuter-friendly to Charlotte. The third property, Willow Glen, was also sold by Varden Capital Partners and features large townhome layouts. It is near the Knowledge Park development site, which will feature office space, restaurants, breweries and retail space.
All the properties are poised to benefit from a tightening rental environment, as minimal new supply coupled with the rapid economic growth in Rock Hill will continue to drive favorable fundamentals.
“As Charlotte continues expanding, we feel strongly the Rock Hill market will continue to reap the benefits of the submarket’s major growth and development,” said Evan Goldenberg, Principal of EBEX Holdings and a partner in the joint venture.
Added Bryant, “These properties offer new ownership proven value-add runways. It will be exciting to watch new ownership make renovations and have the organic growth of the Rock Hill submarket boost their already solid operations.”
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 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.
