Cushman & Wakefield has completed a $106.7 million sale of apartments to the Walden Group. The sale included 18-properties, 1,858 units comprised of apartment communities throughout the Southeast on behalf of Varden Capital Properties. Tyler Averitt and Craig Hey of Cushman & Wakefield represented the seller in the transaction.
“This was a unique situation where two key private capital clients were able to do a mutually favorable cross-market portfolio sale with our Southeast Multifamily group at Cushman & Wakefield,” said Hey. “VCP was able to amass the portfolio by purchasing properties that were more complicated executions than the average buyer would be willing to do.”
The properties in the portfolio include:
- Seven properties across Alabama.
- Five properties in Pensacola, Fla.
- Three properties across Tennessee
- One 200-unit property in Pascagoula, Mississippi.
- One 203-unit property in Winston-Salem, N.C., and
- One 223-unit property in Houston.
“The portfolio timing also allowed the buyer to line up dispositions through Cushman & Wakefield, so they acquired many of the assets with tax-free 1031 money, ever compounding the initial investment from their private equity partners,” said Averitt.
