Cushman & Wakefield completes sale, Greystone finances North Charleston’s Retreat at Palm Pointe multifamily community
July 6, 2023
The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and provided acquisition financing for, respectively, Retreat at Palm Pointe, a 112-unit apartment community located at 2561 Fassitt Rd. in North Charleston, South Carolina.
Cushman & Wakefield’s John Phoenix, Richard Gore, Tyler Fish, and Pat O’Brien represented the seller in the $13,250,000 sales transaction while Greystone’s Donny Rosenberg originated a Fannie Mae DUS® loan to finance the acquisition. The multifamily property was sold by Cohen Investment Group and acquired by Prospect Lane.
“Retreat at Palm Pointe presented Prospect Lane the opportunity to acquire a well-maintained asset experiencing strong operational momentum and offering a proven value-add initiative on which to capitalize,” said John Phoenix, Senior Director at Cushman & Wakefield.
Retreat at Palm Pointe was built in 1991 in the expanding submarket of North Charleston. The multifamily property sits adjacent to high-end retail and is within an area contributing to Charleston’s booming economy.
“Fannie Mae loans provide an ideal permanent financing solution for multifamily investors, and it was a pleasure working with the Cushman & Wakefield team, the buyers and the sellers on this transaction,” added Greystone’s Donny Rosenberg.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 110-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. For more information about the Sunbelt Multifamily Advisory Group, visit https://multifamily.cushwake.com.
