{"id":1004124910,"date":"2015-08-07T12:12:49","date_gmt":"2015-08-07T20:12:49","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=357298"},"modified":"2020-05-18T00:06:25","modified_gmt":"2020-05-18T08:06:25","slug":"new-apartments-in-secondary-markets-lure-institutional-buyers","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/","title":{"rendered":"New Apartments in Secondary Markets Lure Institutional Buyers"},"content":{"rendered":"<p><em>By Adriana Pop, Associate Editor <\/em><\/p>\n<p><a href=\"https:\/\/www.cushmanwakefield.com\/\" rel=\"nofollow\" >Cushman &amp; Wakefield<\/a>\u2019s Atlanta Multifamily Team facilitated the sale of two recently-completed apartment communities in Charlotte and Charleston.<\/p>\n<div id=\"attachment_357299\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/The-Addison-at-South-Tryon-in-Charlotte.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-357299\" title=\"The Addison at South Tryon in Charlotte\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/The-Addison-at-South-Tryon-in-Charlotte.jpg\" alt=\"The Addison at South Tryon in Charlotte\" width=\"300\" height=\"199\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">The Addison at South Tryon in Charlotte<\/p>\n<\/div>\n<p>In one of the transactions, C&amp;W represented Florida-based developer <a href=\"https:\/\/contravest.com\/\" rel=\"nofollow\" >ContraVest Development Partners<\/a>. The company sold <a href=\"https:\/\/www.theaddisonatsouthtryon.com\/Marketing\/Home\/Media\" rel=\"nofollow\" >The Addison at South Tryon<\/a>, a 321-unit garden-style asset delivered in 2014 and located in Charlotte\u2019s fast-growing southwest submarket, to a high-profile institutional buyer for $49.1 million (or $152,959 per unit). The property is anchored by the Westinghouse Boulevard office\/industrial district and Charlotte-Douglas International Airport.<\/p>\n<p>C&amp;W also brokered the sale of 270-unit <a href=\"https:\/\/www.ansleycommons.com\/\" rel=\"nofollow\" >Ansley Commons<\/a>, North Charleston\u2019s newest multifamily development and one of the first to contribute to the city\u2019s surge in suburban new construction.<\/p>\n<div id=\"attachment_357300\" class=\"wp-caption alignleft\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/Ansley-Commons-in-Charleston.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-357300\" title=\"Ansley Commons in Charleston\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/Ansley-Commons-in-Charleston.jpg\" alt=\"Ansley Commons in Charleston\" width=\"300\" height=\"234\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Ansley Commons in Charleston<\/p>\n<\/div>\n<p><a href=\"https:\/\/www.hathprop.com\/development\/about_us.php\" rel=\"nofollow\" >Hathaway Development Partners<\/a> sold the property to an undisclosed institutional investor for $39.2 million ($145,122 per unit). Ansley Commons features a modern coastal architecture and strong amenities, which led to an outstanding lease-up performance of 22 leases per month since its first units were delivered in June 2014.<\/p>\n<p>According to C&amp;W, these transactions highlight the continued trend of cap rate compression across major Southeastern multifamily markets, particularly for newly built communities.<\/p>\n<p>\u201cBoth assets traded at low, stabilized proforma cap rates. Institutional buyers are entering these markets, buying new construction assets, and hoping to take rents 10-12 percent higher,\u201d explained Brandon Whitesell, the lead C&amp;W broker on both transactions. \u201cThis sort of confidence in secondary markets like Charlotte and Charleston is a strong indication that rent growth is not ready to slow down.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cushman &amp; Wakefield&rsquo;s Atlanta Multifamily Team has facilitated the sale of two recently-completed apartment communities in Charlotte and Charleston.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21742],"tags":[],"class_list":["post-1004124910","post","type-post","status-publish","format-standard","hentry","category-charlotte","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New Apartments in Secondary Markets Lure Institutional Buyers - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Apartments in Secondary Markets Lure Institutional Buyers\" \/>\n<meta property=\"og:description\" content=\"Cushman &amp; Wakefield&rsquo;s Atlanta Multifamily Team has facilitated the sale of two recently-completed apartment communities in Charlotte and Charleston.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-08-07T20:12:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-18T08:06:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/The-Addison-at-South-Tryon-in-Charlotte.jpg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-apartments-in-secondary-markets-lure-institutional-buyers\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-apartments-in-secondary-markets-lure-institutional-buyers\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"New Apartments in Secondary Markets Lure Institutional Buyers\",\"datePublished\":\"2015-08-07T20:12:49+00:00\",\"dateModified\":\"2020-05-18T08:06:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-apartments-in-secondary-markets-lure-institutional-buyers\\\/\"},\"wordCount\":269,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-apartments-in-secondary-markets-lure-institutional-buyers\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/08\\\/The-Addison-at-South-Tryon-in-Charlotte.jpg\",\"articleSection\":[\"Charlotte\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-apartments-in-secondary-markets-lure-institutional-buyers\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-apartments-in-secondary-markets-lure-institutional-buyers\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-apartments-in-secondary-markets-lure-institutional-buyers\\\/\",\"name\":\"New Apartments in Secondary Markets Lure Institutional Buyers - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-apartments-in-secondary-markets-lure-institutional-buyers\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-apartments-in-secondary-markets-lure-institutional-buyers\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/08\\\/The-Addison-at-South-Tryon-in-Charlotte.jpg\",\"datePublished\":\"2015-08-07T20:12:49+00:00\",\"dateModified\":\"2020-05-18T08:06:25+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-apartments-in-secondary-markets-lure-institutional-buyers\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-apartments-in-secondary-markets-lure-institutional-buyers\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-apartments-in-secondary-markets-lure-institutional-buyers\\\/#primaryimage\",\"url\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/08\\\/The-Addison-at-South-Tryon-in-Charlotte.jpg\",\"contentUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/08\\\/The-Addison-at-South-Tryon-in-Charlotte.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-apartments-in-secondary-markets-lure-institutional-buyers\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"New Apartments in Secondary Markets Lure Institutional Buyers\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\",\"name\":\"Adriana Pop\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2023\\\/04\\\/Adriana.jpg?w=91\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2023\\\/04\\\/Adriana.jpg?w=91\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2023\\\/04\\\/Adriana.jpg?w=91\",\"caption\":\"Adriana Pop\"},\"description\":\"Adriana Pop is a senior editor with Commercial Property Executive and Multi-Housing News. She joined CPE and MHN in 2012, with an academic background in economics, English and Italian. She currently curates the CPE Sneak Peek newsletter, highlighting noteworthy stories and emerging topics for readers. Connect with her at adriana.pop@cpe-mhn.com or on LinkedIn: https:\\\/\\\/www.linkedin.com\\\/in\\\/ioana-adriana-pop-811772108\\\/.\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/adriana-pop\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"New Apartments in Secondary Markets Lure Institutional Buyers - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/","og_locale":"en_US","og_type":"article","og_title":"New Apartments in Secondary Markets Lure Institutional Buyers","og_description":"Cushman &amp; Wakefield&rsquo;s Atlanta Multifamily Team has facilitated the sale of two recently-completed apartment communities in Charlotte and Charleston.","og_url":"https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2015-08-07T20:12:49+00:00","article_modified_time":"2020-05-18T08:06:25+00:00","og_image":[{"url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/The-Addison-at-South-Tryon-in-Charlotte.jpg","type":"","width":"","height":""}],"author":"Adriana Pop","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/"},"author":{"name":"Adriana Pop","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/c6fbe4a6cd09e6097b39e787ae96d7ad"},"headline":"New Apartments in Secondary Markets Lure Institutional Buyers","datePublished":"2015-08-07T20:12:49+00:00","dateModified":"2020-05-18T08:06:25+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/"},"wordCount":269,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/The-Addison-at-South-Tryon-in-Charlotte.jpg","articleSection":["Charlotte","News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/","url":"https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/","name":"New Apartments in Secondary Markets Lure Institutional Buyers - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/The-Addison-at-South-Tryon-in-Charlotte.jpg","datePublished":"2015-08-07T20:12:49+00:00","dateModified":"2020-05-18T08:06:25+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/c6fbe4a6cd09e6097b39e787ae96d7ad"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/#primaryimage","url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/The-Addison-at-South-Tryon-in-Charlotte.jpg","contentUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/The-Addison-at-South-Tryon-in-Charlotte.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/new-apartments-in-secondary-markets-lure-institutional-buyers\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"New Apartments in Secondary Markets Lure Institutional Buyers"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/c6fbe4a6cd09e6097b39e787ae96d7ad","name":"Adriana Pop","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Adriana.jpg?w=91","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Adriana.jpg?w=91","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Adriana.jpg?w=91","caption":"Adriana Pop"},"description":"Adriana Pop is a senior editor with Commercial Property Executive and Multi-Housing News. She joined CPE and MHN in 2012, with an academic background in economics, English and Italian. She currently curates the CPE Sneak Peek newsletter, highlighting noteworthy stories and emerging topics for readers. Connect with her at adriana.pop@cpe-mhn.com or on LinkedIn: https:\/\/www.linkedin.com\/in\/ioana-adriana-pop-811772108\/.","url":"https:\/\/www.commercialsearch.com\/news\/author\/adriana-pop\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004124910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/260"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004124910"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004124910\/revisions"}],"predecessor-version":[{"id":1004442916,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004124910\/revisions\/1004442916"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004124910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004124910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004124910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}