1/23/2008

Cushman & Wakefield broker $81M sale of seven Southeastern multi-families

by

Kensington Place

Boston, Mass.-based Berkshire Property Advisors has purchased seven multi-family properties in North and South Carolina for $81.5 million from Greensboro-based HVM Management Company.

Chris Spain, David Gutting, Jim Jarrell and Steve Griffin of Cushman & Wakefield represented HVM in the transaction.

The portfolio contains 1,172 units and was built between 1984 and 1990. The sale closed on January 8.

Gutting is a broker in Cushman & Wakefield's Capital Markets Group. His former jobs include VP of Davis Development, where he developed more than 3,000 Class A units in the Southeast, and VP of acquisitions for Raymond James Realty. He is a graduate of Florida State University.

Griffin joined Cushman & Wakefield's Apartment Brokerage Services in July 2002 after being vice president of asset management with Simpson Housing. Prior to that, Steve was an acquisitions vice president with Jacques-Miller, Inc., and manager of two real estate offices for The Manufacturers Life Insurance Company. He received his B.A. from Vanderbilt University and his M.B.A. from Georgia State University.

He recently brokered the $68.5 million sale of the Ridge Crossing Apartments in Birmingham, Ala.

The sale includes the following:
- Chambers Ridge at 1700 Chambers Drive, Matthews, N.C. The 100-unit complex was built in 1987.
- Edwards Mill at 4428 Mill Village Rd., Raleigh, N.C. Built in 1984, the property contains 220 units.
- Farrington Place at 7927 Saint Ives Rd., North Charleston, S.C. The 168-unit complex was built in 1990.
- Kensington Place at 3844 Battleground Ave., Greensboro, N.C. Built in 1985, the property contains 140 units.
- North Cove at 7950 Crossroads Drive, North Charleston, S.C. Built in 1988, the complex contains 200 units.
- Sedgefield at 4755 Country Club Rd., Winston-Salem, N.C. The 144-unit complex was built in 1987.
- The Oaks at 1850 Ashley Crossing Lane, West Ashley, S.C. The 200-unit complex was built in 1985.

Size: 1,172 units

Built: 1984-1990

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Filed Under: Multi-Family

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