The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and provided acquisition financing for Salisbury Court, a 40-unit apartment community located at 1501 Old Salisbury Ct. in Winston-Salem, North Carolina.
Cushman & Wakefield’s Hunter Bowling, Laney Orr, Rhodes Marley, and Gavin Conlon represented the seller in the $2,855,000 sales transaction while Greystone’s Daniel Kaweblum originated an interest-only bridge loan with a fixed rate and three-year term. The multifamily property was sold by a partnership between Grubb Properties and Carolina Community Investments and acquired by Emerald City Associates.
“Emerald City Associates has made a great addition to their quickly expanding portfolio. Salisbury Court is a well-positioned asset, with interior value add upside, and located in one of the fastest growing MSA’s in the Sunbelt. We are grateful to have been a part of this transaction,” said Hunter Bowling, Senior Director at Cushman & Wakefield.
Salisbury Court was built in 1982 and features five two-story buildings with units averaging a modest 713 square feet. It is situated in perfectly in South Winston-Salem, benefiting from strong submarket fundamentals and close proximity to entertainment hubs and job centers. The apartment community also offers the opportunity to invest in a proven value-add initiative started by previous ownership that would offer substantial growth opportunities.
"It was a pleasure working with Cushman & Wakefield on this acquisition loan on behalf of our client, Loyd Fornes, and Emerald City Associates – demonstrating that even in today’s environment, there are opportunities for competitive financing on strong value-add assets in growing markets. The efficiency of execution was a testament to the thesis that aligning all sides of the transaction – in this great partnership between Cushman & Wakefield and Greystone – brings unprecedented benefit to our clients. We’re excited to have taken this concept to reality with this transaction and look forward to many more,” added Greystone’s Daniel Kaweblum.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 109-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2022, the group closed $11.1 billion in sales volume through 360 deals and over 60,300 units.
