Cushman & Wakefield has arranged the sale of Laurel View, a 174-unit apartment community located in Concord, North Carolina. Watson Bryant, Marc Robinson and Jordan McCarley of Cushman & Wakefield represented the seller, The Gateway Companies, in the transaction. Gamma Real Estate acquired the property.Laurel View offered Gamma Real Estate the opportunity to finance the purchase with a short-term bridge loan before placing, low-cost, long-term HUD financing on the project.
“Laurel View was a terrific project for us and our partners at Morrison Avenue,” said Josh Mandell, President/Chief Operating Officer of The Gateway Companies. “Our contractor, PWI Construction, delivered an attractive community, our management team stabilized the property well ahead of schedule, and Cushman & Wakefield executed the transaction smoothly.”
Laurel View, built in 2018, is firmly cemented in Charlotte's desirable suburb of Concord, a region characterized by a well-educated talent pool with high income levels and predominantly white-collar jobs. Convergence of Concord's waning development pipeline and rapid job growth provides an ideal competitive landscape in a submarket that posts substantial year-over-year effective rent growth.
Amenities include a resort-style swimming pool, poolside cabana and grilling area, fenced-in dog park, as well as a 5,000 SF clubhouse with a state-of-the-art fitness center, pet spa, and modern package lockers.
“Located in the thriving Charlotte suburb of Concord, Laurel View is poised for immediate rent growth as the affluent submarket is defined by a diverse and growing work force and economy,” Bryant said.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on more than $4.8 billion in multifamily investment sales through the third quarter (Source: Real Capital Analytics www.rcanalytics.com). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. For more information, 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.
