Cushman & Wakefield (NYSE: CWK) has arranged the $80 million sale of Colton Creek, a 500-unit apartment community located in McDonough, Georgia.
Mike Kemether, Alex Brown, Travis Presnell, and Robert Stickel of Cushman & Wakefield represented the seller, Fairfield McDonough LLC, in the transaction. Chandler Residential acquired the property, its third acquisition in Atlanta in the last 18 months.
"Henry County's strategic location serving Atlanta with access to the Port of Savannah has created an unrivaled e-commerce and e-industrial corridor," Kemether said. "Henry County has been a leader in both population and household income growth when compared to other counties in the Atlanta MSA. Chandler Residential is poised to be the beneficiary of this rising tide with the purchase of Colton Creek."
McDonough is located along the rapidly developing Interstate 75 industrial and e-commerce corridor. Since 2018, 27.5 million square feet of industrial space has been delivered or is currently under construction along this corridor and is expected to create over 35,000 jobs.
"When Fairfield acquired this asset in 2017, they were on the forefront of McDonough's growth," Brown said. "During the course of their ownership, this area has been one of the best performing submarkets in Atlanta. The strong industrial employment base and limited deliveries during the past 15 years should drive continued growth for Chandler Residential."
Colton Creek's unique, residential feel is due to a notably low density of 11.2 units/acre. Ample rental headroom relative to comparable properties in the submarket creates significant opportunity to push rents through an interior value-add scenario.
Cushman & Wakefield's Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 300 transactions and $7.0 billion in multifamily and land investment sales in 2019 (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 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 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.