The Madison and Southgate are Primed for Organic Rent Growth

Cushman & Wakefield has arranged the sale of The Madison and Southgate, two apartment communities in Greenville, North Carolina, totaling 645 units for $49.5 million. Watson Bryant, Jordan McCarley and Paul Marley of Cushman & Wakefield represented the seller, SYNCO Properties, in the transaction. Monarch Investment & Management acquired the property.

“We were completely satisfied with the entire sales process and outcome for the two assets, including the large number of high caliber buyers involved in the final negotiations leading to the PSA for the 645 units,” said Timothy Hose, President & CEO of SYNCO Properties.

Surrounded by retail, employment, and a top-notch demographic base, The Madison and Southgate are primed for organic rent growth in addition to opportunities for ancillary income through various value-add and additional revenue initiatives. Strong performance for the Greenville market is expected to continue with effective rents forecasted to maintain sustainable long-term growth, as absorption outpaces supply while deliveries trend downward.

“The Madison and Southgate are both strong assets offering attractive amenities and comfortable floorplans for the Greenville market,” Bryant said. “These will prove to be worthy additions to Monarch Investment & Management’s growing portfolio.”

Cushman & Wakefield’s Southeast Multifamily Advisory Group ranked No. 1 in market share in 2018 based on closed transactions, totaling more than $4.5 billion in sales volume, according to Real Capital Analytics. 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 approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 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.