January 21, 2020
Cushman & Wakefield has arranged the $169 million sale of an eight-property, 1,544-unit portfolio in Georgia and South Carolina. National real estate firm Capital Square 1031 acquired the portfolio.
The portfolio includes six properties in Macon, Warner Robins and Augusta, GA, as well as two properties in Aiken, SC. The average age of the portfolio is 1990, with an average rent of $901.
Taylor Bird, Robert Stickel and Nelson Abels of Cushman & Wakefield represented the sellers, McDowell Properties and Angelo, Gordon & Co., in the transaction.
“These well-located communities offered an opportunity to invest in just over 1,500 units with proven and market-supported value-add potential,” said Bird. “All eight of the properties sold to one investor, allowing for immediate efficiencies and scale in growing secondary markets.”